The Cobb-Douglas model. Riverside Appliances has the following production function for a certain product: P ( x , y ) = 1800 x 0.621 y 0.379 , Where p is the number of units produced with x units of labor and y units of capital. a. Find the number of units produced with 2500 units of labor and 1700 units of capital b. Find the marginal productivities c. Evaluate the marginal productivities at x = 2500 and y =1700 d. d) Interpret the meanings of the marginal productivities found in part ( c )
The Cobb-Douglas model. Riverside Appliances has the following production function for a certain product: P ( x , y ) = 1800 x 0.621 y 0.379 , Where p is the number of units produced with x units of labor and y units of capital. a. Find the number of units produced with 2500 units of labor and 1700 units of capital b. Find the marginal productivities c. Evaluate the marginal productivities at x = 2500 and y =1700 d. d) Interpret the meanings of the marginal productivities found in part ( c )
The Cobb-Douglas model. Riverside Appliances has the following production function for a certain product:
P
(
x
,
y
)
=
1800
x
0.621
y
0.379
,
Where p is the number of units produced with x units of labor and y units of capital. a. Find the number of units produced with 2500 units of labor and 1700 units of capital
b. Find the marginal productivities
c. Evaluate the marginal productivities at
x
=
2500
and y =1700
d. d) Interpret the meanings of the marginal productivities found in part (c)
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