Given the production function y = 3X1 + 2X2, where X1 and X2 are two inputs. Find, The MPP of X1, The MPP of…

Question

Given the production function y = 3X1 + 2X2, where X1 and X2 are two inputs. Find, The MPP of X1, The MPP of X2

ScanSolve AI Tutor · Accepted Answer

Here's how to find the Marginal Physical Product (MPP) for $X_1$ and $X_2$ :

The production function is given as $y = 3X_1 + 2X_2$ .
The Marginal Physical Product (MPP) of an input is the additional output produced by using one more unit of that input, holding all other inputs constant. Mathematically, it's the partial derivative of the production function with respect to that input.

Find the MPP of $X_1$ .
To find the MPP of $X_1$ , we take the partial derivative of the production function with respect to $X_1$ .
$\text{MPP}_{X_1} = \frac{\partial y}{\partial X_1}$ $\text{MPP}_{X_1} = \frac{\partial}{\partial X_1} (3X_1 + 2X_2)$ $\text{MPP}_{X_1} = 3$
Find the MPP of $X_2$ .
To find the MPP of $X_2$ , we take the partial derivative of the production function with respect to $X_2$ .
$\text{MPP}_{X_2} = \frac{\partial y}{\partial X_2}$ $\text{MPP}_{X_2} = \frac{\partial}{\partial X_2} (3X_1 + 2X_2)$ $\text{MPP}_{X_2} = 2$
The MPP of $X_1$ : $\boxed{\text{3}}$
The MPP of $X_2$ : $\boxed{\text{2}}$

Given the production function y = 3X1 + 2X2, where X1 and X2 are two inputs. Find, The MPP of X1, The MPP of X2

Answer

Step-by-step solution

Find the MPP of $X_1$ .

Find the MPP of $X_2$ .

Try one yourself

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Given the production function y = 3X1 + 2X2, where X1 and X2 are two inputs. Find, The MPP of X1, The MPP of X2

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Step-by-step solution

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