A similar production function for New South Wales in Australia is z = Cx 0.65 y 0.35
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A similar production function for New South Wales in Australia is z = Cx0.65y0.35, with x, y, z, and C as in Exercise 53. Find the marginal productivity of labor and of capital.
Exercise 53
The production function z for the United States was once estimated as z = Cx0.75y0.25, where x stands for the amount of labor and y the amount of capital and C is a constant. Find the marginal productivity of labor and of capital.
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