2. The Acme Anvil Company's output is given by the Cobb-Douglas Productionfunction P = 60L2/3K1/3, where P is the number of anvils produced whenL is the amount spent on labor and K is the amount spent on capital.a. What is the production if L = 150 and K = 150?b. Find the marginal productivities.c. Evaluate the marginal productivities with L = 150 and K = 150.d. Interpret the meanings of the marginal productivities found in part c.e. If their budget is $300 then there is a constraint L+ K = 300. UseLagrange multipliers (2) to find the values of L and K that willmaximize production and find the maximum productionf. Find 2. 12| is called the marginal productivity of money and will givethe number additional units produced for each dollar increase in thebudget. Interpret 2 for this problem.Only need paVASe and fl

Production Function P = 60L23 K13 P = Number of Anvil ProductionL =Amount spent on LabourK =…

e. If their budget is $300 then there is a constraint L+ K = 300. Use Lagrange multipliers (2) to find the values of L and K that will maximize production and find the maximum production f. Find 2. 12| is called the marginal productivity of money and will give the number additional units produced for each dollar increase in the budget. Interpret 1 for this problem.