Let 5 represent the amount of steel produced (in tons). Steel production is related to the amount of laber used () and the amount of capital used (C) by the following function. 5= 20.0.30c0.70 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. (3) Formulate an optimization problem that will determine how much labor and capital are needed in order to produce 60,000 tons of steel at minimum cost. min s.t LCcz0 (b) Solve the optimization problem you formulated in part (a). What is the optimal selution 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 befere solving. (Round your answers to three decimal places.) $ at (L, )=