Consider the Cobb-Douglas model for a certain manufacturing plant, W = 60H0.610.4 where W is the number of washing machines produced per year, I is the annual investment in capital (in thousands of dollars), and H is the total number of work hours. The annual budget, that pays capital and employees, must be 1 million dollars. Also, employees are paid 10 dollars per hour. Find the number of work hours and annual capital investment that will maximize production. Work hours: hours. Capital Investment: dollars (in thousands) How many washing machines are produced when production is maximized: machines.

Consider the Cobb-Douglas model for a certain manufacturing plant, W = 60H0.610.4 where W is the number of washing machines produced per year, I is the annual investment in capital (in thousands of dollars), and H is the total number of work hours. The annual budget, that pays capital and employees, must be 1 million dollars. Also, employees are paid 10 dollars per hour. Find the number of work hours and annual capital investment that will maximize production. Work hours: hours. Capital Investment: dollars (in thousands) How many washing machines are produced when production is maximized: machines.

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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Question

Consider the Cobb-Douglas model for a certain manufacturing plant,
60H0.610.4
W
where W is the number of washing machines produced per year, I is the annual
investment in capital (in thousands of dollars), and H is the total number of work hours.
The annual budget, that pays capital and employees, must be 1 million dollars. Also,
employees are paid 10 dollars per hour.
Work hours:
=
Find the number of work hours and annual capital investment that will maximize
production.
machines.
hours.
Capital Investment:
dollars (in thousands)
How many washing machines are produced when production is maximized:

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