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2. The Cobb-Douglass production function for a product is P = 5L0.8K0.2 Where P is the quantity produced, L is the size of the
2. The Cobb-Douglass production function for a product is P = 5L0.8K0.2 Where P is the quantity produced, L is the size of the labor force, and K is the amount of total equipment. Each unit of labor costs $360, each unit of equipment costs $120, and the total budget is $18,000. Use the method of Lagrange multipliers to find the optimal way to spend the budget.
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Modeling the Dynamics of Life Calculus and Probability for Life Scientists
Authors: Frederick R. Adler
3rd edition
840064187, 978-1285225975, 128522597X, 978-0840064189
