Math Problem Statement
Solution
To solve for the marginal productivity functions, we need to calculate the partial derivatives of with respect to and .
Step 1: Partial derivative with respect to
The formula for is: Differentiate with respect to , treating as a constant:
Step 2: Partial derivative with respect to
Now, differentiate with respect to , treating as a constant:
Final Results
The marginal productivity functions are:
- Marginal productivity with respect to :
- Marginal productivity with respect to :
Would you like a detailed step-by-step explanation of any part of the solution? Here are related questions to deepen your understanding:
- How do the marginal productivity functions change with varying and ?
- What does the negative exponent in and imply for the behavior of productivity?
- Can you explain the economic interpretation of the exponents and in this production function?
- How would the marginal productivity functions behave if or approaches zero?
- 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)
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