A company's production is given by the Cobb-Douglas function number of units of labor andK is the number of units of capital. belów wherë L is tne P(L, K) = 225L K %3D a. Find Pr (27, 125) and interpret this number. b. Find PK (27, 225) and interpret this number. c. From your answers in parts a) and b), which will increase production more: and additional unit of labor or an additional unit of capital?
A company's production is given by the Cobb-Douglas function number of units of labor andK is the number of units of capital. belów wherë L is tne P(L, K) = 225L K %3D a. Find Pr (27, 125) and interpret this number. b. Find PK (27, 225) and interpret this number. c. From your answers in parts a) and b), which will increase production more: and additional unit of labor or an additional unit of capital?
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter4: Polynomial And Rational Functions
Section4.6: Variation
Problem 12E
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