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Suppose a Cobb - Douglas Production function is given by P ( L , K ) = 1 0 L 0 0 . 7 5

Suppose a Cobb-Douglas Production function is given by
P(L,K)=10L00.75K0.25
where L is units of labor, K is units of capital, and P(L,K) is total units that can be produced with this labor/capital combination. Suppose each unit of labor costs $700 and each unit of capital costs $2,100. Further suppose a total of $504,000 is available to be invested in labor and capital (combined).
a. How many units of labor and capital should be "purchased" to maximize production subject to the budgetary constraint? Round to the nearest whole number, if necessary.
Labor: L= units
Capital: K= units
b. What is the maximum number of units of production under the given budgetary conditions? Round to the nearest whole number, if necessary.
Maximum production: units
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