= 3.2 Now consider the production function of an additional product, electrical generators, de- fined by the following function: Qeg K0.6L04 Show, using the Jacobian derivative matrix of Qe and Qeg, how increasing capital by 10 units and decreasing labour by 5 units, would approximately change production of both goods. Start from an initial combination of K=100 and L = 50. 3.3 Suppose that demand for capital and labour are in turn determined by the interest rate r and wages paid to workers w, as follows: K = 8 and L = 1252. Use the Jacobian derivative matrix of Qe and Qeg to calculate how production changes in response to an მი Or increase in interest rates: DQeg Or 103 when 2 and w = 1000. =

= 3.2 Now consider the production function of an additional product, electrical generators, de- fined by the following function: Qeg K0.6L04 Show, using the Jacobian derivative matrix of Qe and Qeg, how increasing capital by 10 units and decreasing labour by 5 units, would approximately change production of both goods. Start from an initial combination of K=100 and L = 50. 3.3 Suppose that demand for capital and labour are in turn determined by the interest rate r and wages paid to workers w, as follows: K = 8 and L = 1252. Use the Jacobian derivative matrix of Qe and Qeg to calculate how production changes in response to an მი Or increase in interest rates: DQeg Or 103 when 2 and w = 1000. =

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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