From your previous background in Cobb Douglas Function, Answer these questions. * Note that: Production Function and Revenue; Assume that you are a manager of a company. Your goal is to maximize the profit P of your company. The production of your company can be modeled by the following cobb-Douglas function: P=CK'LM where $ Kis capital stocks (the monetary worth of all machinery, equipment, and buildings). SL is labor input (the total number of person-hours worked in a year), S M is materials and supplies, and C is a given productivity coefficient. You may assume that a 'bic" 1. Discuss this assumption from the point of view of economics Maximum Profit Function; Assuming that the unit price for the product you produce is $ p, your revenue is R=PCK'LM and the profit is f(L,M)=pCK*L"M-L-M Here we assume that the capital stocks K is fixed but you can control the labor cost Land materials and supplies cost M. Your goal is to choose Land M that maximize the profit. **** Create 10 realistic case studies and applications On Cobb Douglas Function, however you should add the diagrams and graphs. From your previous background in Cobb Douglas Function, Answer these questions. * Note that: Production Function and Revenue; Assume that you are a manager of a company. Your goal is to maximize the profit P of your company. The production of your company can be modeled by the following cobb-Douglas function: P=CK'LM where $ Kis capital stocks (the monetary worth of all machinery, equipment, and buildings). SL is labor input (the total number of person-hours worked in a year), S M is materials and supplies, and C is a given productivity coefficient. You may assume that a 'bic" 1. Discuss this assumption from the point of view of economics Maximum Profit Function; Assuming that the unit price for the product you produce is $ p, your revenue is R=PCK'LM and the profit is f(L,M)=pCK*L"M-L-M Here we assume that the capital stocks K is fixed but you can control the labor cost Land materials and supplies cost M. Your goal is to choose Land M that maximize the profit. **** Create 10 realistic case studies and applications On Cobb Douglas Function, however you should add the diagrams and graphs