Suppose a Cobb-Douglas Production function is given by the function: P(L, K) = 11Lº.7K0.3 Furthemore, the cost function for a facility is given by the function:C(L, K) = 300L + 100K Suppose the monthly production goal of this facility is to produce 19,000 items. In this problem, we will assume represents units of labor invested and K represents units of capital invested, and that you can invest in tenths of units for each of these. What allocation of labor and capital will minimize total production Costs? Units of Labor L = (Show your answer is exactly 1 decimal place) Units of Capital K = (Show your answer is exactly 1 decimal place) Also, what is the minimal cost to produce 19,000 units? (Use your rounded values for L and K from above to answer this question.) The minimal cost to produce 19,000 units is $
Suppose a Cobb-Douglas Production function is given by the function: P(L, K) = 11Lº.7K0.3 Furthemore, the cost function for a facility is given by the function:C(L, K) = 300L + 100K Suppose the monthly production goal of this facility is to produce 19,000 items. In this problem, we will assume represents units of labor invested and K represents units of capital invested, and that you can invest in tenths of units for each of these. What allocation of labor and capital will minimize total production Costs? Units of Labor L = (Show your answer is exactly 1 decimal place) Units of Capital K = (Show your answer is exactly 1 decimal place) Also, what is the minimal cost to produce 19,000 units? (Use your rounded values for L and K from above to answer this question.) The minimal cost to produce 19,000 units is $
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter7: Analytic Trigonometry
Section7.6: The Inverse Trigonometric Functions
Problem 94E
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Transcribed Image Text:Suppose a Cobb-Douglas Production function is given
by the function: P(L, K) = 11Lº.7K0.3
Furthemore, the cost function for a facility is given by
the function:C(L, K) = 300L + 100K
Suppose the monthly production goal of this facility is
to produce 19,000 items. In this problem, we will
assume represents units of labor invested and K
represents units of capital invested, and that you can
invest in tenths of units for each of these. What
allocation of labor and capital will minimize total
production Costs?
Units of Labor L =
(Show your answer is exactly 1 decimal place)
Units of Capital K
=
(Show your answer is exactly 1 decimal place)
Also, what is the minimal cost to produce 19,000
units? (Use your rounded values for L and K from
above to answer this question.)
The minimal cost to produce 19,000 units is $
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