The production q (in units) of a certain good in terms of the amount q, of labor invested and the amount qe of capital invested, is given by the production function 2/3 1/3 q=59L9C At this moment, 512 units of labor are invested daily and this will not change in the near future. However, the units of capital invested daily might change. The production function then becomes 1/3 q=320gc a. Determine log(q) in terms of log(gc). b. Represent the production q in terms of qc using logarithmic scales on both axes. c. Interpret the slope in the graph.

The production q (in units) of a certain good in terms of the amount q, of labor invested and the amount qe of capital invested, is given by the production function 2/3 1/3 q=59L9C At this moment, 512 units of labor are invested daily and this will not change in the near future. However, the units of capital invested daily might change. The production function then becomes 1/3 q=320gc a. Determine log(q) in terms of log(gc). b. Represent the production q in terms of qc using logarithmic scales on both axes. c. Interpret the slope in the graph.

Algebra and Trigonometry (MindTap Course List)

4th Edition

ISBN:9781305071742

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter4: Exponential And Logarithmic Functions

Section4.CR: Chapter Review

Problem 13CC: Suppose that the initial mass of radioactive substance is m0 and the half-life of the substance is...

See similar textbooks