Your automobile assembly plant has a Cobb-Douglas production function given by q = x0.4,0.6, where q is the number of automobiles it produces per year, x is the number of employees, and y is the daily operating budget (in dollars). Annual operating costs amount to an average of $23,000 per employee plus the operating budget of $365y. Assume that you wish to produce 5,000 automobiles per year at a minimum cost. How many employees should you hire? (Round your answer to the nearest employee.) X= employees
Your automobile assembly plant has a Cobb-Douglas production function given by q = x0.4,0.6, where q is the number of automobiles it produces per year, x is the number of employees, and y is the daily operating budget (in dollars). Annual operating costs amount to an average of $23,000 per employee plus the operating budget of $365y. Assume that you wish to produce 5,000 automobiles per year at a minimum cost. How many employees should you hire? (Round your answer to the nearest employee.) X= employees
Chapter3: Polynomial Functions
Section3.5: Mathematical Modeling And Variation
Problem 6ECP: The resistance of a copper wire carrying an electrical current is directly proportional to its...
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![Your automobile assembly plant has a Cobb-Douglas production function given by
9 = x0.4 0.6
where q is the number of automobiles it produces per year, x is the number of employees, and y is the daily operating budget (in dollars). Annual operating costs amount to an average of $23,000 per
employee plus the operating budget of $365y. Assume that you wish to produce 5,000 automobiles per year at a minimum cost. How many employees should you hire? (Round your answer to the
nearest employee.)
X=
employees](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fefcc5b23-f4c3-401c-82cc-ff2cc00d7833%2Fd740827a-a2c7-4265-8bb4-69d14c928b5f%2Fen1wzwq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Your automobile assembly plant has a Cobb-Douglas production function given by
9 = x0.4 0.6
where q is the number of automobiles it produces per year, x is the number of employees, and y is the daily operating budget (in dollars). Annual operating costs amount to an average of $23,000 per
employee plus the operating budget of $365y. Assume that you wish to produce 5,000 automobiles per year at a minimum cost. How many employees should you hire? (Round your answer to the
nearest employee.)
X=
employees
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