A companys production output, P, is given in tons, and is a function of the number of
Chapter 8, Problem 19(choose chapter or problem)
A companys production output, P, is given in tons, and is a function of the number of workers, N, and the value of the equipment, V , in units of $25,000. The production function for the company is P = f(N, V ) = 5N0.75V 0.25. The company currently employs 80 workers, and has equipment worth $750,000. What are N and V ? Find the values of f, fN, and fV at these values of N and V . Give units and explain what each answer means in terms of production.
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