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Suppose the production of a firm is modeled by P(k, l) = 16k2/3l1/3, where k measures...

Suppose the production of a firm is modeled by

P(k, l) = 16k2/3l1/3,

where k measures capital (in millions of dollars) and l measures the labor force (in thousands of workers). Suppose that when

l = 4 and k = 2,

the labor is increasing at the rate of 70 workers per year and capital is decreasing at a rate of $220,000 per year. Determine the rate of change of production. Round your answer to the fourth decimal place.

Math   Calculus   
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