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What is the marginal effect of f(x,y;a)=ayx with respect to x, where a is a constant....

What is the marginal effect of f(x,y;a)=ayx with respect to x, where a is a constant. What is the economic meaning of such a term?

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Answer #1

Marginal Effect of f(x,y;a) = a​​​​​​yx with respect to x = df(x,y;a)/dx

​​​​​​

So Marginal Effect of function with respect to x is ay

Here, 'a' is a constant.

The economic meaning of the constant term 'a' is that it represents that part of function which is not represented by the variable x and y. To be more specific it represents the Technological change in the function due to some technical development.

Economic meaning of the Marginal effect with respect to x shows the change in the value of a function with a change in x.

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