?A manufacturer has modeled its yearly production function (the value of its entire
Chapter 12, Problem 46(choose chapter or problem)
A manufacturer has modeled its yearly production function (the value of its entire production, in millions of dollars) as a Cobb-Douglas function
where is the number of labor hours (in thousands) and
is the invested capital (in millions of dollars). Suppose that when
and
, the labor force is decreasing at a rate of 2000 labor hours per year and capital is increasing at a rate of
per year. Find the rate of change of production.
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