Question
Suppose that the output Q (in units) of a certain company is Q = 75 K 1/3 L 2/3 , where K is the capital
Suppose that the output Q (in units) of a certain company is
Q = 75K1/3L2/3,
where K is the capital expenditures in thousands of dollars and L is the number of labor hours. Find ?Q/?K when capital expenditures are $343,000 and the labor hours total 8000. (Round your answer to the nearest whole number.) ?Q/?K = thousand units per thousand dollars Interpret ?Q/?K.
If labor hours remain at 8000 and K increases by $1000, Q will increase about ____ thousand units.
Find ?Q/?L when capital expenditures are $343,000 and the labor hours total 8000. (Round your answer to the nearest whole number.) ?Q/?L = thousand units per labor hour Interpret ?Q/?L.
If capital expenditures remain at $343,000 and L increases by one hour, Q will increase about ____ thousand units.
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