A manufacturing process has marginal costs givenin the table; the item sells for $37 per unit. At howmany quantities, q, does the profit appear to be amaximum? Select each interval in which a quantitylies which gives a maximum profit.9 00 10 | 20 30 40 | 50 60MC ($/unit) 30 | 41 | 45 | 44 46 | 33 | 30

Answered: Image /qna-images/answer/3d6dbe5a-366c-43a5-98a0-59c94b093476.jpg

Answered: A manufacturing process has marginal…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Let S represent the amount of steel produced (In tons). Steel production is related to the amount of labor used (L) and the amount of capital used (C) by the following function. S = 20L0.30 0.70 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 costs $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 minimum cost. Min s.t. L, C ≥ 0 $ = 45,000 (b) Solve the optimization problem you formulated in part (a). (Hint: When using Excel Solver, start with an initial L> 0 and C > 0. Round your answers to the nearest Integer.) at (L, C) =
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