Business, 28.02.2020 01:15 mxhx

Suppose life expectancy in years (L) is a function of two inputs, health expenditures (H) and nutrition expenditures (N) in hundreds of dollars per year. The production function is L = cH^0.80 - N^0.20. Beginning with c = 1, a health input of $300 per year (H=3) and a nutrition input of $500 per year (N=5), show that the marginal product of health expenditures and the marginal product of nutrition expenditures are both decreasing.

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Suppose life expectancy in years (L) is a function of two inputs, health expenditures (H) and nutrit...

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