Suppose the labor cost (in dollars) for manufacturing a camera can be approximated by: L(x,y) = 2.8x²+4.9y2-3x - 4y -2.7xy + 98 I where x is the number of hours required by a skilled craftsperson and y is the number of hours required by a semiskilled person. Find the minimum labor cost. Provide the solution with two decimal places.

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Suppose the labor cost (in dollars) for manufacturing a camera can be approximated by:
L(x,y) = 2.8x² + 4.9y²-3x - 4y - 2.7xy +98
I
where x is the number of hours required by a skilled craftsperson and y is the number of
hours required by a semiskilled person. Find the minimum labor cost.
Provide the solution with two decimal places.
Transcribed Image Text:Suppose the labor cost (in dollars) for manufacturing a camera can be approximated by: L(x,y) = 2.8x² + 4.9y²-3x - 4y - 2.7xy +98 I where x is the number of hours required by a skilled craftsperson and y is the number of hours required by a semiskilled person. Find the minimum labor cost. Provide the solution with two decimal places.
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