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.
Algebra: Structure And Method, Book 1
(REV)00th Edition
ISBN:9780395977224
Author:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Chapter2: Working With Real Numbers
Section2.3: Rules For Addition
Problem 8P
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