Question
Please provide Step by step tutoring instructions to help my understanding Please use Cobb-Douglas functions to model how a company's production amount (P) depends on
Please provide Step by step tutoring instructions to help my understanding
Please use Cobb-Douglas functions to model how a company's production amount (P) depends on the amount of labor involved (L) and the amount of capital invested (K). For a particular company, this relationship can be modeled the following:
P(L, K) = L2/3K1/3
(1) The company that currently has L = 8 and K = 1 is considering decreasing L by 0.1 and increasing K by 0.07. Use linear approximation to decide whether this would increase or decrease production and by how much.
(2) How can I use a calculator to compare the actual value of P(7.9, 1.07) with the approximation I found in the above problem (1). How accurate is this approximation?
(3) how can I find the linearization A(L, K) of the production function P(L, K) at (L, K) = (8, 1).
(4) Can you include a screenshot of a 3D graphing calculator to graph P together with the linearization A you found in the above problem (3).
which graphing calculator are you using is it Georgebra( so I can learn by trying this)
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