FREE Trial

Consider the Cobb-Douglas production model for a manufacturing process depending on three inputs x, y, and z with unit costs

Question:

Consider the Cobb-Douglas production model for a manufacturing process depending on three inputs x, y, and z with unit costs a, b, and c, respectively, given by
P = kx(y(z(, ( > 0, ( > 0, ( > 0, ( + ( + ( = 1
Subject to the cost constraint ax + by + a = 4. Determine x, y, and z to maximize the production P.

This problem has been solved!


Do you need an answer to a question different from the above? Ask your question!

Step by Step Answer:

Answer rating: 66% (12 reviews)

Let a y 1 a 0 0 and y 0 Maximize P x y z kx y z subject t…View the full answer


answer-question
Answered By
tutor-profile-image
Pushpinder Singh
Currently, I am PhD scholar with Indian Statistical problem, working in applied statistics and real life data problems. I have done several projects in Statistics especially Time Series data analysis, Regression Techniques. I am Master in Statistics from Indian Institute of Technology, Kanpur. I have been teaching students for various University entrance exams and passing grades in Graduation and Post-Graduation.I have expertise in solving problems in Statistics for more than 2 years now.I am a subject expert in Statistics with Assignmentpedia.com.
4.40+ 3+ Reviews 10+ Question Solved
Related Book For  answer-question
Calculus

Calculus

ISBN: 978-0131429246

9th edition

Authors: Dale Varberg, Edwin J. Purcell, Steven E. Rigdon

See More Books
View Solution
Create a free account to access the answer
Cannot find your solution?
Post a FREE question now and get an answer within minutes. * Average response time.
Question Posted: June 21, 2016 11:05:26
See More Questions

Students also viewed these Calculus questions

Q:
The Cobb-Douglas production function is a classic model from economics used to model output as a function of capital and labor. It has the form f (L, C) = c0Lc1Cc2 Where c0, c1, and c2 are constants....
A:
a The optimization model is b Using LINGO or Excel Solver th......
Q:
The Cobb-Douglas production function is a classic model from economics used to model output as a function of capital and labor. It has the form a. In this example, assume c0 = 5, c1 = 0.25, and c2 =...
A:
a The optimization model is b......
Q:
Table 7-5, found on the textbook's Web site, gives data on the real gross product, labor input, and real capital input in the Taiwanese manufacturing sector for the years 1958 to 1972. Suppose the...
A:
a b c If Y 7 8439 0 7148 In X2t 1 1135 In X3t t 2 9270 4 6636 3 7221 The output labor and output cap......
Q:
In the conversion of a-ketoglutarate to glucose, which of the following compounds are not obligatory intermediates in this pathway? * Oxaloacetate O Fructose 1,6 bisphosphate O Malate O 1,3...
A:
Click to View...
Q:
What is the uptick rule? Where does it apply? Why did it exist? Why was it eliminated?
A:
The uptick rule prohibits short selling unless the last stock price change was positive i......
Q:
Derive the following equations: (a) Equation 4.7a (b) Equation 4.9a (c) Equation 4.10a (d) Equation4.11b (4.7a) 100 CA + CA2 103 C2 Ci = (4.9a) P1 P2 100 (4.10a) Pave C2 P2 P CA1 + CA2 (4.11b) Aave...
A:
a This problem asks that we derive Equation 4 7a To begin C 1 is defined according to Equation 4 3 as where the primed m s indicate masses in grams Fr......
Q:
[(P R) (E F)] Identify the main operator in the following propositions.
A:
The main operator in the......
Q:
Given an average service rate of twelve customers per hour, what is the probability the business can handle all the customers when the average arrival rate is ten customers per hour? Use the Poisson...
A:
Similar to Example Thus the business can handle up to 12 customer......
Q:
*2 1 1 Consider the following root locus diagrams: jo lg-a s-plane Pole motion 21 21 s-plane Pole motion (A) (B) Describe qualitatively what happens to the frequency and overshoot of the systems'...
A:
As the poles in the s plane of a system move the frequency and overshoot of the system s response ca......
Q:
The Rink offers annual $200 memberships that entitie members to unlimited use of ice-skating facilities and locker rooms. Each new membership also entitles the member to receive ten "20% off a $5...
A:
Transaction General Journal Debit Credit 1 Cash......
Q:
Find the shape of the triangle of maximum perimeter that can be inscribed in a circle of radius r. Let (, (, and ( be as in Figure 7 and reduce the problem to maximizing P = 2r(sin (/2 + sin (/2 +...
A:
It is clear that the maximum will occur for a triangle which contains the cent......
Q:
Find the minimum distance from the origin to the line of intersection of the two planes x + y + z = 8 and 2x - y + 3z = 28
A:
Let x y z denote a point of intersection Let f x y z be the square of the distance to the origi......
Q:
Evaluate each of the following expressions for the given values of the variables. In calculate the result accurate to the nearest cent. R i [1 1 (1 + i ) n ] for R = $630, i = 0.115, n = 2
A:
7 1 1 i......
Q:
Recently, while on company business, Harry, a director of World Wide Web Publishing Pty Ltd (WWW) became aware of a potentially very profitable software publishing product. Harry told the other...
A:
In this scenario several legal issues arise concerning the actions of Harry a director of World Wide Web Publishing Pty Ltd WWW Harry s behavior appears to involve potential breaches of fiduciary duty......
Q:
How can I draft a contract agreement between a company I am representing and another company we purchase from not to disclose our proprietary information or details about our product, purchases, or...
A:
Drafting a contract agreement to protect proprietary information and details about your products purchases or processes is important for maintaining c......
Q:
In the I robot film autonomous cars were a primary means of transportation, yet not the only means. In the accident that killed Sarah Lloyd and her father, Detective Spooner reported that it was...
A:
Arguments in Favor of Autonomous Vehicles 1 Safety Improvements Autonomous vehicles have the potential to significantly reduce accidents caused by human error such as distracted driving speeding and i......
Q:
Ramakrishnan, Inc., reported 2021 net income of $30 million and depreciation of $2,800,000. The top part of Ramakrishnan, Inc.s, 2021 and 2020 balance sheets is reproduced below (in millions of...
A:
Solution We need to calculate the 2021 net cash flow from operating activities for Ramakrishnan Inc......
Q:
Solve the following system of linear equations by Gauss-Jordan method. (7 Marks) x+y+ 2z = 1 2xy + z = -2 x-y-z-2w = 4 2xy + 2z-w=0 b.) Show that if A and B are nonsingular matrices then A-1 is...
A:
The answer provided below has been developed in a clear step by step manner Step 1 Sol Given that th......
Q:
Determine the electrical conductivity of a Cu-Ni alloy that has a tensile strength of 275 MPa (40,000 psi). See Figure 7.16.
A:
We are asked to determine the electrical conductivity of a Cu Ni alloy that has a te......
Q:
You purchase a bond with a coupon rate of 6.7 percent, a par value $1,000, and a clean price of $905. Assume a par value of $1,000. If the next semiannual coupon payment is due in two months, what is...
A:
927 33 Solution Given that clea......
Q:
In problem, determine whether the equation defines y as a function of x. 2x 2 + 3y 2 = 1
A:
2x 2 3y 2 1 Solve for y For Thus 0 1......
Q:
In problem, use a graphing utility to graph each function over the indicated interval. Approximate any local maximum values and local minimum values. Determine where the function is increasing and...
A:
f x 2x 3 5x 1 on the interval 3 3 Use MAXIMUM and MINIMUM o......
Q:
In problem, determine algebraically whether each function is even, odd, or neither. F(x) = 3 x
A:
Therefo......
Social Psychology 5th Edition - ISBN: 0393667707 - Free Book