The Cobb-Douglas Production Function for a Company Is Given by P(l,k)=

question 45

Essay

The Cobb-Douglas production function for a company is given by P(l,k)= 70

,where P is the monthly production value when k is the amount of the company's capital investment (in dollars per month)and l is the size of the labor force (in work hours per month).Find

and

.

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Definitions:

Efficient Use Of Resources

The optimal allocation and utilization of resources to maximize productivity and minimize waste.

Input Price

Input Price refers to the cost of resources used in the production of goods or services, including materials, labor, and overhead, which can affect production costs and pricing strategies.

Output Price

The price at which a product or service is sold, often determined by market conditions or regulation.

Marginal Revenue Product

The additional revenue generated from using one more unit of a factor of production, holding all other factors constant.