Prunella raises peaches where L is the number of units of labor she uses and T is the number of units of land she uses. Her output is f(L, T) = LT bushels of peaches. If the cost of land is 2 and the wage for labor is 7, find the cost minimizing amount of labor to use subject to the constraint that output must be 137 bushels. Round your answer to the second decimal place, e.g., 12.345 = 12.35.

Prunella raises peaches where L is the number of units of labor she uses and T is the number of units of land she uses. Her output is f(L, T) = LT bushels of peaches. If the cost of land is 2 and the wage for labor is 7, find the cost minimizing amount of labor to use subject to the constraint that output must be 137 bushels. Round your answer to the second decimal place, e.g., 12.345 = 12.35.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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