constraint optimization 1. a. use the substitution method. given the production function, Q=5k+3L+2KL, choose the input to maximized output subject to the constraint that the planned expanditure on input is 140 dollars. each unit of labour cost 4 dollars and each unit of capital cost 20 b. use the langrange multiplier given Z=4x2+3xy+6y2, subject to the constraint x+y=56
constraint optimization 1. a. use the substitution method. given the production function, Q=5k+3L+2KL, choose the input to maximized output subject to the constraint that the planned expanditure on input is 140 dollars. each unit of labour cost 4 dollars and each unit of capital cost 20 b. use the langrange multiplier given Z=4x2+3xy+6y2, subject to the constraint x+y=56
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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constraint optimization
1.
a. use the substitution method.
given the production function, Q=5k+3L+2KL, choose the input to maximized output subject to the constraint that the planned expanditure on input is 140 dollars. each unit of labour cost 4 dollars and each unit of capital cost 20
b. use the langrange multiplier
given Z=4x2+3xy+6y2, subject to the constraint x+y=56
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