Suppose you are running a factory, producing anvils that requires steel as a raw material. Your costs
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Question:
Suppose you are running a factory, producing anvils that requires steel as a raw material. Your costs are predominantly human labor (h), which is $20 per hour for your workers, and
the steel itself (s), which runs for $160 per ton. Suppose your revenue is loosely modeled 21
by the following equation: 100h3 s3 . If your budget is $10,000, how would you maximize revenue? Solve this problem using the Lagrangian method.
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