A companys production output, P, is given in tons, and is a function of the number of
Question:
A company’s production output, P, is given in tons, and is a function of the number of workers, N, and the value of the equipment, V, in units of $25,000. The production function for the company is
P = f(N, V ) = 5N0.75V0.25.
The company currently employs 80 workers, and has equipment worth $750,000. What are N and V? Find the values of f, fN, and fV at these values of N and V. Give units and explain what each answer means in terms of production.
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N is the number of workers so N 80 V is the value of equ...View the full answer
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Related Book For 
Applied Calculus
ISBN: 9781119275565
6th Edition
Authors: Deborah Hughes Hallett, Patti Frazer Lock, Andrew M. Gleason, Daniel E. Flath, Sheldon P. Gordon, David O. Lomen, David Lovelock, William G. McCallum, Brad G. Osgood, Andrew Pasquale
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