Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

X . A custom dishware company produces x bowls and y plates per day. Their cost function is given by C (x,y) = 6x2 +

image text in transcribed
X . A custom dishware company produces x bowls and y plates per day. Their cost function is given by C (x,y) = 6x2 + 4y2 - 5xy + 200. Assume 8 bowls and 7 dishes have been produced. Use partial derivatives to help answer the following questions. (a) What is the approximate effect on costs if one more bowl is produced, while the number of dishes remains fixed? (b) What is the approximate effect on costs if one more dish is produced, while the number of bowls remains fixed? 13. Suppose the production function of a company is given by P(x, y) = x2 + y + xy + 600, where x represents units of labor and y represents units of capital. Find the following when 6 units of labor and 8 units of capital are used. (a) The marginal productivity of labor. (b) The marginal productivity of capital

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Algebra And Trigonometry A Unit Circle Approach,

Authors: Mark Dugopolski

6th Edition

0321867564, 9780321867568

More Books

Students also viewed these Mathematics questions