Your automobile assembly plant has a Cobb-Douglas production function given byq = x0.4y0.6, 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 $28,000 per employee plus the operating budget of $365y. Assume that you wish to produce 3,000 automobiles per year at a minimum cost. How many employees should you hire? (Round your answer to the nearest employee.)x - Incorrect: Your answer is incorrect. employees

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A: The production function, Q = 500 L^0.6 K^0.8 Wages = w = 15 Rent = r = $50 MPL = 300 L^-0.4 K^0.8…

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A: Q(L,K)=100L0.4K0.6 C(L,K)=5L+30K w=5 r=30 Q=1000   MPL=dQ/dL=0.4(100)L-0.6K0.6 MPL=40L-0.6K0.6…

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