Consider the Cobb-Douglas model for a certain manufacturing plant, W=50H 0.6 I 0.4 where W is the
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Consider the Cobb-Douglas model for a certain manufacturing plant,
W=50H0.6I0.4
where W is the number of washing machines produced per year, I is the annual investment in capital (in thousands of dollars), and H is the total number of work hours. The annual budget, that pays capital and employees, must be 1 million dollars. Also, employees are paid 14 dollars per hour. Find the number of work hours and annual capital investment that will maximize production.
Work hours (which I already found): 42857.142 hours.
Capital Investment: ______________dollars (in thousands)
How many washing machines are produced when production is maximized:____________machines.
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