Complete the requirements of the UMA P module ``The Cobb Douglas Production Function,'' by Robert Geitz, UMAP
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Complete the requirements of the UMA P module ``The Cobb Douglas Production Function,'' by Robert Geitz, UMAP 509. A mathematical model relating the output of an economic system to labor and capital is constructed from the assumptions that:
(a) Marginal productivity of labor is proportional to the amount of production per unit of labor.
(b) Marginal productivity of capital is proportional to the amount of production per unit of capital, and
(c) If either labor or capital tends to zero, then so does production.
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Related Book For
A First Course In Mathematical Modeling
ISBN: 9781285050904
5th Edition
Authors: Frank R. Giordano, William P. Fox, Steven B. Horton
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