The productivity of a country is given by f (x, y) = 300x 2/3 y 1/3 ,

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The productivity of a country is given by f (x, y) = 300x^2/3y^1/3, where x and y are the amount of labor and capital.

(a) Compute the marginal productivities of labor and capital when x = 125 and y = 64.

(b) Use part (a) to determine the approximate effect on productivity of increasing capital from 64 to 66 units, while keeping labor fixed at 125 units.

(c) What would be the approximate effect of decreasing labor from 125 to 124 units while keeping capital fixed at 64 units?

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Calculus And Its Applications

ISBN: 9780134437774

14th Edition

Authors: Larry Goldstein, David Lay, David Schneider, Nakhle Asmar

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Question Posted: Mar 28, 2023 01:36 AM

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The productivity of a country is given by f (x, y) = 300x 2/3 y 1/3 ,

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f x y 300x 23 y 1 3 is the productivity of a country ...View the full answer

Calculus And Its Applications

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