The Cobb-Douglas production model is a function that relates production outputs with a combination of different inputs. Agricult
1 answer:
Answer:
0.266 percent
Step-by-step explanation:
With labor increasing by 1 percent, we are to find how much level of production would also increase given the coubglas function in the question.
Level of production = ∆Q/Q
We differentiate the function Q with respect to Labour, L.
∆Q/∆L = 0.266Q/L
∆Q/Q = 0.266∆L/L
∆L/L = 1
∆Q/Q x 100 = 1 *0.266
= 0.266%
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Answer:
See below.
Step-by-step explanation:
4)
So we have the expression:
We can use the power of a product property, where:
So:
For the left, -6 squared is the same as -6 times -6. This equals positive 36.
For the right, we can use the power of a power property. The property says that:
So:
So, all together, we have:
6)
We have the expression:
First, note that anything to the zeroth power (except for 0) is 1, thus, x^0 is also 1. Simplify:
And that's the simplest we can do :)
Notes for 6)
We <em>can</em> put the x^4 to the numerator. Recall that when you put an exponent to opposite side, you put a negative. In other words:
And vice versa:
So, we can write the above as:
However, traditionally, we want only positive exponents, so this wouldn't be correct.