Concept explainers
(a)
To calculate: The marginal productivity of x if the Cobb-Douglas production function for a company is given by
(b)
To calculate: The marginal productivity of x if the current labor force is
(c)
To calculate: The marginal productivity of y if the Cobb-Douglas production function for a company is given by
(d)
To calculate: The marginal productivity of y if the current capital investment is
(e)
The interpretation of graphs in parts (b) and (d) with regard to what they say about the effects on productivity of increased capital investment and of an increased labor force.
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