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    MAE-Seminar and Homework 2

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    Skageda
    This document discusses partial derivatives and their applications to economics. It provides examples of computing first and second order partial derivatives of functions with respect to variables like production quantity Q with respect to labor L and capital K. It also uses the partial derivatives to analyze scenarios like estimating changes in production from small changes in inputs and showing how doubling or tripling inputs would proportionally change overall production.

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    MAE-Seminar and Homework 2

    Uploaded by

    Skageda
    16 views2 pages
    This document discusses partial derivatives and their applications to economics. It provides examples of computing first and second order partial derivatives of functions with respect to variables like production quantity Q with respect to labor L and capital K. It also uses the partial derivatives to analyze scenarios like estimating changes in production from small changes in inputs and showing how doubling or tripling inputs would proportionally change overall production.

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    This document discusses partial derivatives and their applications to economics. It provides examples of computing first and second order partial derivatives of functions with respect to variables like production quantity Q with respect to labor L and capital K. It also uses the partial derivatives to analyze scenarios like estimating changes in production from small changes in inputs and showing how doubling or tripling inputs would proportionally change overall production.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    16 views2 pages

    MAE-Seminar and Homework 2

    Uploaded by

    Skageda
    This document discusses partial derivatives and their applications to economics. It provides examples of computing first and second order partial derivatives of functions with respect to variables like production quantity Q with respect to labor L and capital K. It also uses the partial derivatives to analyze scenarios like estimating changes in production from small changes in inputs and showing how doubling or tripling inputs would proportionally change overall production.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    Mathematics Applied to Economics

    2nd Seminar and Homework


    Partial Derivatives. Applications to Economics
    ∂f ∂f
    (1) Find fx0 (1, 2) = (1, 2) and fy0 (1, 2) = (1, 2) if f (x, y) = 2x4 + 3x2 y + 4y 3 .
    ∂x ∂y

    ∂f ∂f ∂f
    (2) Find fx0 (1, 1, 0) = (1, 1, 0), fy0 (1, 1, 0) = (1, 1, 0) and fz0 (1, 1, 0) = (1, 1, 0) if f (x, y, z) =
    ∂x ∂y ∂z
    2x2 y − xy 2 z 3 + 2x4 z − y 2 + 4.

    (3) Compute all the first order partial derivatives of the following functions:
    (a) f (x, y, z) = 2x2 + 3x4 y + y 2 − 2y 2 z + x2 z 2 + z 3
    x3 + y 3
    (b) f (x, y, z) =
    xy
    p
    (c) f (x, y) = x2 + y 2

    (4) Compute all the first and second order partial derivatives of the following functions:
    (a) f (x, y) = y ln x
    2 z3
    (b) f (x, y, z) = exy

    (c) f (x, y) = 3x3 − 3x2 y 2

    (d) f (x, y, z) = xey + y 2 ez

    (5) Compute the indicated partial derivatives:


    ∂2f
    (a) f (x, y) = exy ; =?
    ∂x2
    p+q ∂2f
    (b) f (p, q) = ln ; =?
    pq ∂q∂p

    (6) The production for a certain country is described by the function Q(L, K) = 4L1/4 K 3/4 .
    ∂Q ∂Q
    (a) Compute Q0L = , Q0K = .
    ∂L ∂K
    (b) What is the marginal productivity of labor (capital) when L = 625 and K = 10000? In this
    case should the government encourage capital or labor investment in order to increase the
    total output of that country?

    (c) Write down the 1st order approximation of function Q around the point (625, 10000)

    (d) Use the the previous formula to estimate Q(624, 10002).

    (e) Show that the output will be double if both the capital investment and the size of the labor
    force are doubled.
    (7) The production for a certain country is described by the function Q(L, K) = 324L1/3 K 2/3 .
    ∂Q ∂Q
    (a) Compute Q0L = , Q0K = .
    ∂L ∂K
    (b) What is the marginal productivity of labor (capital) when L = 65 and K = 727? In this
    case should the government encourage capital or labor investment in order to increase the
    total output of that country?

    (c) Write down the 1st order approximation of function Q around the point (625, 1000)

    (d) Use the the previous formula to estimate Q(65, 727).

    (e) Show that the output will be triple if both the capital investment and the size of the labor
    force are tripled.

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