Business, 10.06.2020 21:57 joshuahagerman1404
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 Upper L equals cH Superscript 0.80 Baseline Upper N Superscript 0.20L=cH0.80N0.20. Beginning with c = 1, a health input of $300300 per year (Hequals=33) and a nutrition input of $500500 per year (Nequals=55), show that the marginal product of health expenditures and the marginal product of nutrition expenditures are both decreasing. The marginal product of health expenditures when H goes from 33 to 44 is nothing, and the marginal product of health when H goes from 55 to 66 is nothing. (Round your answers to three decimal places.) The marginal product of nutrition expenditures when N goes from 55 to 66 is nothing, and the marginal product of nutrition when N goes from 77 to 88 is nothing. (Round your answers to three decimal places.)
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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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