The quantity, Q, of a certain product manufactured depends on the quantity of labor, L, and of capital, K, used according to the function Q = 900L K³. Labor costs $100 per unit and capital costs $150 per unit. What combination of labor and capital should be used to produce 36,000 units of the goods at minimum cost? What is that minimum cost? Round your answers to two decimal places. L = i K = The minimum cost is i dollars.
The quantity, Q, of a certain product manufactured depends on the quantity of labor, L, and of capital, K, used according to the function Q = 900L K³. Labor costs $100 per unit and capital costs $150 per unit. What combination of labor and capital should be used to produce 36,000 units of the goods at minimum cost? What is that minimum cost? Round your answers to two decimal places. L = i K = The minimum cost is i dollars.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:The quantity, Q, of a certain product manufactured depends on the quantity of labor, L, and of capital, K, used according to the
function
Q = 900L/K.
Labor costs $100 per unit and capital costs $150 per unit.
What combination of labor and capital should be used to produce 36,000 units of the goods at minimum cost? What is that minimum
cost?
Round your answers to two decimal places.
L =
K =
i
i
The minimum cost is i
!
dollars.
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