Lacey9319

19.03.2021 • 

Mathematics

The Cobb-Douglas production model is a function that relates production outputs with a combination of different inputs. Agricultural data from 44 countries around the world, concerning agricultural production Q, labor L, capital K, fertilizer F, and hectares of arable land H, can be used to create an agricultural production model for countries using a Cobb-Douglas function given by Q= 3.41 L^0.266 .K^2.06 F^0.299.H^1.41

The exponents in the Cobb-Douglas model are called elasticities. Find the percentage increment in production if a country has a 1% increase in Labor.

Ответ:

needhelp9627

18.04.2021

Mathematics

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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%

Please refer to the attachment

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Ответ:

ajbrock1004

14.05.2022

Mathematics

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9xy^2 – 11xy^2 
=xy^2 (9-11)
=xy^2 (-2)
= -2xy^2 

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