Math Problem Statement

Find the marginal productivity functions ∂P/∂l and ∂P/∂k for P = 100l^0.76k^0.24.

Solution

To solve for the marginal productivity functions, we need to calculate the partial derivatives of P=100l0.76k0.24P = 100l^{0.76}k^{0.24} with respect to ll and kk.

Step 1: Partial derivative with respect to ll

The formula for PP is: P=100l0.76k0.24P = 100l^{0.76}k^{0.24} Differentiate PP with respect to ll, treating kk as a constant: Pl=l(100l0.76k0.24)\frac{\partial P}{\partial l} = \frac{\partial}{\partial l} \left( 100l^{0.76}k^{0.24} \right) Pl=1000.76l0.761k0.24\frac{\partial P}{\partial l} = 100 \cdot 0.76 \cdot l^{0.76 - 1} \cdot k^{0.24} Pl=76l0.24k0.24\frac{\partial P}{\partial l} = 76l^{-0.24}k^{0.24}

Step 2: Partial derivative with respect to kk

Now, differentiate PP with respect to kk, treating ll as a constant: Pk=k(100l0.76k0.24)\frac{\partial P}{\partial k} = \frac{\partial}{\partial k} \left( 100l^{0.76}k^{0.24} \right) Pk=1000.24l0.76k0.241\frac{\partial P}{\partial k} = 100 \cdot 0.24 \cdot l^{0.76} \cdot k^{0.24 - 1} Pk=24l0.76k0.76\frac{\partial P}{\partial k} = 24l^{0.76}k^{-0.76}

Final Results

The marginal productivity functions are:

  1. Marginal productivity with respect to ll: Pl=76l0.24k0.24\frac{\partial P}{\partial l} = 76l^{-0.24}k^{0.24}
  2. Marginal productivity with respect to kk: Pk=24l0.76k0.76\frac{\partial P}{\partial k} = 24l^{0.76}k^{-0.76}

Would you like a detailed step-by-step explanation of any part of the solution? Here are related questions to deepen your understanding:

  1. How do the marginal productivity functions change with varying ll and kk?
  2. What does the negative exponent in l0.24l^{-0.24} and k0.76k^{-0.76} imply for the behavior of productivity?
  3. Can you explain the economic interpretation of the exponents 0.760.76 and 0.240.24 in this production function?
  4. How would the marginal productivity functions behave if ll or kk approaches zero?
  5. How can this production function be applied to measure returns to scale?

Tip: Always consider the behavior of the partial derivatives when analyzing marginal effects in production economics, especially for values close to zero or infinity.

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Math Problem Analysis

Mathematical Concepts

Calculus
Partial Derivatives
Production Functions

Formulas

P = 100l^0.76k^0.24
∂P/∂l = 100 * 0.76 * l^(0.76 - 1) * k^0.24
∂P/∂k = 100 * 0.24 * l^0.76 * k^(0.24 - 1)

Theorems

Rules of Differentiation
Exponent Laws

Suitable Grade Level

Undergraduate (Economics or Calculus)