Question: 10. A manufacturer has modeled its yearly production function P (the value of its entire production in millions of dollars) by(,)=1.47*./0*.!0where L is labor hours

10. A manufacturer has modeled its yearly production function P (the value of its entire production in millions of dollars) by(,)=1.47*./0*.!0where L is labor hours (in thousands) and K is investment capital (in millions of dollars). Suppose that when =30 and =8, the labor force is decreasing at a rate of 2,000 labor hours per year and capital is increasing at a rate of $500,000 per year. Find the rate of change of production. (Hint: Watchthe units!)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!

Q:

Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system and the gross method. July 1 Purchased merchandise from Boden Company...

Q:

52. Suppose you need to know an equation of the tangent plane to a surface S at the point P(2, 1, 3). You don't have an equation for S but you know that the curves \"(22) = (2 313,1 t2, 3 4t + t2)...

Q:

A manufacturer has modeled its yearly production function P (the value of its entire production, in millions of dollars) as a Cobb-Douglas function P(L, K) = 1.47L0.65K0.35 where L is the number of...

Q:

Determine the set of points at which the function is continuous. 1 + x + y 9-x - y2 F(x, y) V D = {(x, y) | x + y ? [] }

Q:

A manufacturer has modeled its yearly production function P (the monetary value of its entire production in millions of dollars) as a Cobb-Douglas function P(L, K) = 1.47L 0.65 K 0.35 where L is the...

Q:

where Pis the total production (the monetary value of all goods produced in a year) L is the amount of labor (the total number of person-hours worked in a year) K is the amount of capital invested...

Q:

please explain as well please explian as well please explian as well 2. CASE STUDY (This case study is adapted from one written by Mike Price. We will contime it in the Week 5 written homework.) The...

Q:

Why is it important for us to understand how the global system of financial institutions and markets works? ros57395_ch01.qxd 12/21/04 2:45 PM Page 1 Part 1 The Global Financial System in Perspective...

Q:

5. To advertise or not to advertise X Suppose that two firms, Frankencakes and Thinley's, are the only sellers of crepes in some hypothetical market. The following payoff matrix gives the profit (in...

Q:

1)Widget Manufacturing has just completed a major change in its quality control (QC) process. Previously, QC inspectors had reviewed products at the end of each major process, and the company's 10 QC...

Q:

1)Widget Manufacturing has just completed a major change in its quality control (QC) process. Previously, QC inspectors had reviewed products at the end of each major process, and the company's 10 QC...

Q:

Read the following discussion and give your feedback: For our group project, we have decided to manage an established traveling sterilization company. Our company will have been in business for a...

Q:

Vivi Corporation has the following accounts at December 31: Common Stock, $10 par, 5,000 shares issued, $50,000; Paid-in Capital in Excess of ParCommon Stock $20,000; Retained Earnings $45,000; and...

Q:

12. In the FillArray procedure from the Binary Search example in Section 9.5, why must the Direction flag be cleared by the CLD instruction?

Q:

Monsoon Inc. is considering bidding on a government project. To do the project, the company must make an initial investment of $9 million to purchase the necessary equipment. The project will last...