1:38 AM Tue Nov 9 , 47% webassign.net - Private Need Help? Read It 3. (12.5/25 Points] DETAILS PREVIOUS ANSWERS ASWMSCI15 8.E.008. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER Let S represent the amount of steel produced (in tons). Steel production is related to the amount of labor used (L) and the amount of capital used (C) by the following function. 5 = 2020.30 0.70 In this formula L represents the units of labor input and C the units of capital input. Each unit of labor costs $50, and each unit of capital costs $100. (a) Formulate an optimization problem that will determine how much labor and capital are needed in order to produce 45,000 tons of steel at minimum cost. min 100C + 50L s.t. 2000.7 0.3 = 45,000 LC20 (b) Solve the optimization problem you formulated in part (a). What is the optimal solution value in dollars)? Hint: Use the Multistart option as described in Appendix 8.1. Add lower and upper bound constraints of 0 and 5,000 for both L and C before solving. (Round your answers to three decimal places.) $ 336642 xat (L, C) = 2020, 2356 x Need Help? Read It