The output of an economic system Q, subject to two inputs, such as labor L and capital
Question:
The output of an economic system Q, subject to two inputs, such as labor L and capital K, is often modeled by the Cobb-Douglas production function Q = cLaKb. When a + b = 1, the case is called constant returns to scale. Suppose Q = 1280, a = 1/3, b =2/3, and c = 40.
a. Find the rate of change of capital with respect to labor, dK/dL.
b. Evaluate the derivative in part (a) with L = 8 and K = 64.
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Related Book For
Calculus Early Transcendentals
ISBN: 978-0321947345
2nd edition
Authors: William L. Briggs, Lyle Cochran, Bernard Gillett
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