Consider the production function P(1.c) = 511/21/3 + l where l represents the labor in worker-hours, c represents the capital in thousands of dollars and P the production in hun- dreds of units. It is okay to approximate values on a calculator in this exercise, but show all steps of computations that utilize partial derivatives, differentials, elasticities, etc. (a) Find and interpret the partial elasticity of production with respect to labor when the labor is 1024 worker-hours and the capital is 27000 dollars. (b) Suppose that we are at the same levels in part (a), but decide to increase labor by 10 worker-hours and decrease the capital by 500 dollars. Use differentials to approximate the total change in production. Clearly interpret the answer you get