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The Cobb-Douglas production function for a particular product is N(x,y)=80x0.6y0.4, where x is the number of units of labor and y is the number of

The Cobb-Douglas production function for a particular product is N(x,y)=80x0.6y0.4, where x is the number of units of labor and y is the number of units of capital required to produce N(x, y) units of the product. Each unit of labor costs $80 and each unit of capital costs $100.

If $250,000 is budgeted for production of the product, determine how that amount should be allocated to maximize production.

Production will be maximized when using__units of labor and___units of capital.

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