Mindtap Business Analytics, 1 Term (6 Months) Printed Access Card For Camm/cochran/fry/ohlmann/anderson/sweeney/williams' Essentials Of Business Analytics, 2nd
2nd Edition
ISBN: 9781305861794
Author: Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson
Publisher: Cengage Learning
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Chapter 13, Problem 2P
The Cobb-Douglas production
where c0, c1, and c2 are constants. The variable L represents the units of input of labor, and the variable C represents the units of input of capital.
- a. In this example, assume c0 = 5, c1 = 0.25, and c2 = 0.75. Assume each unit of labor costs $25 and each unit of capital costs $75. With $75,000 available in the budget, develop an optimization model to determine how the budgeted amount should be allocated between capital and labor in order to maximize output.
- b. Find the optimal solution to the model you formulated in part (a). (Hint: When using Excel Solver, use the Multistart option with bounds 0 ≤ L ≤ 3,000 and 0 ≤ C ≤ 1,000.)
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Chapter 13 Solutions
Mindtap Business Analytics, 1 Term (6 Months) Printed Access Card For Camm/cochran/fry/ohlmann/anderson/sweeney/williams' Essentials Of Business Analytics, 2nd
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