Find the minimum cost of producing 30000 units of a product, where x is the number of units of labor, at $91 per unit, and y is the number of units of capital expended, at $96 per unit. And determine how many units of labor and how many units of capital a company should use. Where the production level is given by... P(x, y) = 100x0.6 y0.4 (Round your first and second answers to 4 decimal places.) x = units of labor. Submit Answer Tries 0/20 y = units of capital. Submit Answer Tries 0/20 (Round this third answer to 2 decimal places.) Min cost = $ Submit Answer Tries 0/20

Find the minimum cost of producing 30000 units of a product, where x is the number of units of labor, at $91 per unit, and y is the number of units of capital expended, at $96 per unit. And determine how many units of labor and how many units of capital a company should use. Where the production level is given by... P(x, y) = 100x0.6 y0.4 (Round your first and second answers to 4 decimal places.) x = units of labor. Submit Answer Tries 0/20 y = units of capital. Submit Answer Tries 0/20 (Round this third answer to 2 decimal places.) Min cost = $ Submit Answer Tries 0/20

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter11: Profit Maximization

Section: Chapter Questions

Problem 11.9P

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