Economics + Calculus

Calculus Level 5

In economics, especially economist that deals with the long run economic growth will deal with the production function like this:
q ( K , L ) = 3 l n ( K ) + 2 ( L ) , q(K,L) = 3ln(K) + 2(L), where K = Physical Capital and L = Human Capital. Economists observed that an expansion path for the economy can actually expressed in a function like this: K = L 2 . K =L^{2}.

Maximize dq/dL along this expansion path.


The answer is -1.5.

This section requires Javascript.
You are seeing this because something didn't load right. We suggest you, (a) try refreshing the page, (b) enabling javascript if it is disabled on your browser and, finally, (c) loading the non-javascript version of this page . We're sorry about the hassle.

0 solutions

No explanations have been posted yet. Check back later!

0 pending reports

×

Problem Loading...

Note Loading...

Set Loading...