Elementary Technical Mathematics
Elementary Technical Mathematics
11th Edition
ISBN: 9781285199191
Author: Dale Ewen, C. Robert Nelson
Publisher: Cengage Learning
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Chapter 1.12, Problem 52E
To determine

To calculate: The number of pints needed for a tank that holds 20gal,60gal,150gal and 350gal if an insecticide is to be applied at the rate of 2pt/100gal water.

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Suppose a Cobb-Douglas Production function is given by the following: P(L,K)=80L0.75 K-0.25 where L is units of labor, K is units of capital, and P(L, K) is total units that can be produced with this labor/capital combination. Suppose each unit of labor costs $400 and each unit of capital costs $1,600. Further suppose a total of $384,000 is available to be invested in labor and capital (combined). A) How many units of labor and capital should be "purchased" to maximize production subject to your budgetary constraint? Units of labor, L = Units of capital, K = B) What is the maximum number of units of production under the given budgetary conditions? (Round your answer to the nearest whole unit.) Max production = units
Suppose a Cobb-Douglas Production function is given by the function: P(L, K) = 7L0.0 K0.4 Furthemore, the cost function for a facility is given by the function: C(L, K) = 100L +400K Suppose the monthly production goal of this facility is to produce 15,000 items. In this problem, we will assume L represents units of labor invested and K represents units of capital invested, and that you can invest in tenths of units for each of these. What allocation of labor and capital will minimize total production Costs? Units of Labor L = Units of Capital K = (Show your answer is exactly 1 decimal place) (Show your answer is exactly 1 decimal place) Also, what is the minimal cost to produce 15,000 units? (Use your rounded values for L and K from above to answer this question.) The minimal cost to produce 15,000 units is $ Hint: 1. Your constraint equation involves the Cobb Douglas Production function, not the Cost function. 2. When finding a relationship between L and K in your system of equations,…
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