Cobb-Douglas Production Function
SuperClass
I. Productivity
The productivity of a major computer manufacturer is given approximately by the Cobb–Douglas production function f(x,y) = 40x0.3y0.7.
a. Find fx(x,y) and fy(x,y).
b. If the company is currently using 1,500 units of labor and 4,500 units of capital, find the marginal productivity of labor and the marginal productivity of capital.
c. For the greatest increase in productivity, should the management of the company encourage increased us of labor or increased use of capital? (Hint: See Example 4 in section 8-2 of your text)
Project Rubric
Instructor Feedback: Students can find their feedback in the grade book as an attachment.
Critical Elements | Distinguished | Proficient | Emerging | Not Evident | Value |
Main Elements | Includes almost all of the main elements and requirements and cites multiple examples to illustrate each element (14-15) | Includes most of the main elements and requirements and cites many examples to illustrate each element (12-13) | Includes some of the main elements and requirements
(11) | Does not include any of the main elements and requirements
(0-10) | 15 |
Inquiry and Analysis
| Provides in-depth analysis that demonstrates complete understanding of multiple concepts (18-20) | Provides in-depth analysis that demonstrates complete understanding of some concepts (16-17) | Provides in-depth analysis that demonstrates complete understanding of minimal concepts (14-15) | Does not provide in-depth analysis
(0-13) | 20 |
Teamwork
| Demonstrates effective interactions with team members and makes numerous quality contributions to team discussions and tasks (18-20) | Demonstrates moderately effective interactions with team members and makes some quality contributions to team discussions and tasks (16-17) | Demonstrates minimal interactions with team members and makes minimal quality contributions to team discussions and tasks (14-15) | Does not demonstrate effective interactions with team members and does not make quality contributions to team discussions and tasks (0-13) | 20 |
Computation
| Almost all of the problems are computed correctly (9-10) | Most of the problems are computed correctly (8) | Some of the problems are computed correctly (7) | Very few of the problems are computed correctly (0-6) | 10 |
Application of Tools | Uses the best and/or required procedures/formulas/tools to solve almost all of the problems
(14-15) | Uses satisfactory and/or required procedures/formulas/tools to solve most of the problems (12-13) | Uses satisfactory and/or required procedures/formulas/tools to solve some of the problems (11) | Does not use satisfactory or required procedures/ formulas/tools to solve the problems (0-10) | 15 |
Quantitative Literacy | Effectively works with numerical data and solves quantitative problems from a wide array of authentic contexts in everyday life (18-20) | Works with numerical data and solves quantitative problems from a wide array of authentic contexts with moderate effectiveness (16-17) | Works with numerical data and solves quantitative problems with minimal effectiveness
(14-15) | Is not able to work with numerical data and solve quantitative problems
(0-13) | 20 |
Earned Total Comments: | 100% | ||||
Reflection Rubric
Critical Elements | Distinguished | Proficient | Emerging | Not Evident | Value |
Critical Thinking and Reflection
| Entry clearly identifies purpose of project with detailed and highly relevant examples of personal experience and/previous learning (27-30) | Entry identifies purpose of project with relevant examples of personal experience and/or previous learning
(24-26) | Entry demonstrates attempt to identify purpose of project but requires additional relevant examples of personal experience and previous learning
(21-23) | Entry does not identify purpose of project and/or lacks reflection on relevant personal examples and/or previous learning
(0-20) | 30 |
Integration and Application
| The paper shows excellent depth of knowledge and exhibits careful consideration of the focus problems
(32-35) | Most of the paper shows good depth of knowledge and demonstrates that the student has understood the problems
(28-31) | Most of the paper shows limited depth of knowledge, indicating the student has an emerging understanding of the problems but needs to explore further (25-27) | Almost none of the paper demonstrates that the student has an understanding of the problems
(0-24) | 35 |
Clarity | Organization is sound and ideas flow logically
(18-20) | Ideas are organized clearly although there may occasionally be some lapse in logical flow (16-17) | Organization is difficult to follow at times, and there is a lapse in the logical flow of ideas (14-15) | Organization is confused and structure of ideas lacks clarity
(0-13) | 20 |
Writing Mechanics | No errors related to grammar or style of the entry
(14-15) | Errors of grammar and style in the entry are marginal and rarely interrupt the flow (12-13) | Errors of grammar and style are limited enough that the entry can still be understood (11) | Errors of grammar and style make the entry difficult to understand (0-10) | 15 |
Earned Total Comments: | 100% | ||||
10 years ago
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