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S=20L0.30C0.70 In this formula L represents the units of labor input and C the units of capital input. Each unit of labor costs $50, and

image text in transcribed S=20L0.30C0.70 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 $100. (a) Formulate an optimization problem that will determine how much labor and capital are needed in order to produce 45,000 tons of steel at mimum cost. bound constraints of 0 and 5,000 for both L and C before solving. (Round your answers to three decimal places.) $ at (L,C)=(

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