Consider the Cobb-Douglas Production function: P(L, K) = 22L0.3 K0.7. Find the marginal productivity of labor and marginal productivity of capital when 19 units of labor and 18 units of capital are invested. Give your answer to at least 4 decimal places if necessary. Marginal Productivity of Labor when L is 19 and K is 18 = PL(19, 18) = Marginal Productivity of Capital when L is 19 and K is 18 = PK(19, 18) =

Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
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Chapter7: Analytic Trigonometry
Section7.6: The Inverse Trigonometric Functions
Problem 94E
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Consider the Cobb-Douglas Production function: P(L, K) = 22L0.3K0.7.
Find the marginal productivity of labor and marginal productivity of capital when 19 units of labor and 18
units of capital are invested.
Give your answer to at least 4 decimal places if necessary.
Marginal Productivity of Labor when L is 19 and K is 18 = PL(19, 18)
Marginal Productivity of Capital when L is 19 and K is 18 = PK(19, 18) =
Transcribed Image Text:Consider the Cobb-Douglas Production function: P(L, K) = 22L0.3K0.7. Find the marginal productivity of labor and marginal productivity of capital when 19 units of labor and 18 units of capital are invested. Give your answer to at least 4 decimal places if necessary. Marginal Productivity of Labor when L is 19 and K is 18 = PL(19, 18) Marginal Productivity of Capital when L is 19 and K is 18 = PK(19, 18) =
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