Compute ∂ 2 f ∂ y 2 , where f ( x , y ) = 60 x 3 / 4 y 1 / 4 , a production function (where y is units of capital). Explain why ∂ 2 f ∂ y 2 is always negative.
Compute ∂ 2 f ∂ y 2 , where f ( x , y ) = 60 x 3 / 4 y 1 / 4 , a production function (where y is units of capital). Explain why ∂ 2 f ∂ y 2 is always negative.
Solution Summary: The author explains how to differentiate a function with respect to f(x,y) and x20 by using the power rule.
Compute
∂
2
f
∂
y
2
, where
f
(
x
,
y
)
=
60
x
3
/
4
y
1
/
4
, a production function (where
y
is units of capital). Explain why
∂
2
f
∂
y
2
is always negative.
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