The Caribbean Today online newspaper only uses capital (technological machines), K and reporters i.e. labour, L to produce online news for its newspaper. The company's story production function is given by:

Q=50KL

where Q represents the number of stories written. Capital costs $2 per story and labour costs $3 per story and the total input costs are fixed at $1200.

a) What is the constraint function in this optimization problem if the company wants to maximize production?

b) If you were to solve this problem via the Substitution Method what is a valid substitution for K?

c) Via the Lagrange Method which equation between K and L along with the constraint solves the problem?

d) Via the Substitution Method, after substituting for K what is the univariate production function to optimize? e) Using either method solve how many machines and reporters the newspaper needs to maximize output? K=___ and L=___

f) Compute the maximum output, Q=