5. The Cobb-Douglas production function for a new product is given by P(x, y) = 10x406, where x is the number of the units of labour andy is the number of the units of capital required to produce P(x, y) units of the product. (a) Find P(x, y) and P(x, y). (b) If the company is currently using 200 units of labor and 100 units of capital, find the marginal productivity of labour and the marginal productivity of capital respectively. (c) For the greatest increase in productivity, should the management of the company encourage increased use of labour or increased use of capital?
5. The Cobb-Douglas production function for a new product is given by P(x, y) = 10x406, where x is the number of the units of labour andy is the number of the units of capital required to produce P(x, y) units of the product. (a) Find P(x, y) and P(x, y). (b) If the company is currently using 200 units of labor and 100 units of capital, find the marginal productivity of labour and the marginal productivity of capital respectively. (c) For the greatest increase in productivity, should the management of the company encourage increased use of labour or increased use of capital?
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter7: Analytic Trigonometry
Section7.6: The Inverse Trigonometric Functions
Problem 92E
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