The quantity, Q, of a certain product manufactured depends on the quantity of labor, L, and of
Question:
The quantity, Q, of a certain product manufactured depends on the quantity of labor, L, and of capital, K, used according to the function
Q = 900L1∕2K2∕3.
Labor costs $100 per unit and capital costs $200 per unit. What combination of labor and capital should be used to produce 36,000 units of the goods at minimum cost? What is that minimum cost?
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We want to minimize cost C 100L 200K subject to Q 900L 12 ...View the full answer
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Related Book For 
Applied Calculus
ISBN: 9781119275565
6th Edition
Authors: Deborah Hughes Hallett, Patti Frazer Lock, Andrew M. Gleason, Daniel E. Flath, Sheldon P. Gordon, David O. Lomen, David Lovelock, William G. McCallum, Brad G. Osgood, Andrew Pasquale
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