The automobile assembly plant you manage has a Cobb-Douglas production function given by P = 30x^0.6y^0.4 where P is the number of automobiles it produces per year, x is the number of employees, and y is the daily operating budget(in dollars). You maintain a production level of 800 automobiles per year. If you currently employ 120 workers and are hiring new workers at a rate of 20 per year, how fast is your daily operating budget changing?
The automobile assembly plant you manage has a Cobb-Douglas production function given by P = 30x^0.6y^0.4 where P is the number of automobiles it produces per year, x is the number of employees, and y is the daily operating budget(in dollars). You maintain a production level of 800 automobiles per year. If you currently employ 120 workers and are hiring new workers at a rate of 20 per year, how fast is your daily operating budget changing?
Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
Chapter2: Graphical And Tabular Analysis
Section2.1: Tables And Trends
Problem 1TU: If a coffee filter is dropped, its velocity after t seconds is given by v(t)=4(10.0003t) feet per...
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The automobile assembly plant you manage has a Cobb-Douglas production function given by P = 30x^0.6y^0.4 where P is the number of automobiles it produces per year, x is the number of employees, and y is the daily operating budget(in dollars). You maintain a production level of 800 automobiles per year. If you currently employ 120 workers and are hiring new workers at a rate of 20 per year, how fast is your daily operating budget changing?
(Round your answer to the nearest cent.)
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