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

College Algebra

10th Edition

ISBN:9781337282291

Author:Ron Larson

Publisher:Ron Larson

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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