3. The CobbDouglas production function for Company X is given by P(L,K) = 31.34 4K 1/ 4, Where L is measured amount of labor and K is measured in amount of capital, per month. Each unit of labor costs $2 thousand dollars and each unit of capital costs $5 thousand dollars. The total budget for Company X's labor and capital is $12 thousand dollars. (a) What equation are we trying to optimize? What is the constraint equation for the situation? (b) How much should company X spend on labor and capital to maximize production