A manufacturer estimates that the annual output at a certain factory is given by units, where K
Question:
A manufacturer estimates that the annual output at a certain factory is given by
units, where K is the capital expenditure in units of $1,000 and L is the size of the labor force in worker-hours.
a. Find the marginal productivity of capital and the marginal productivity of labor when the capital expenditure is $630,000 and the labor level is 830 worker-hours.
b. Should the manufacturer consider adding a unit of capital or a unit of labor to increase output more rapidly?
Transcribed Image Text:
Q(K, L) = 30K0.3L0.7
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Related Book For
Calculus For Business, Economics And The Social And Life Sciences
ISBN: 9780073532387
11th Brief Edition
Authors: Laurence Hoffmann, Gerald Bradley, David Sobecki, Michael Price
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