Finite Mathematics and Calculus with Applications (10th Edition)
10th Edition
ISBN: 9780321979407
Author: Margaret L. Lial, Raymond N. Greenwell, Nathan P. Ritchey
Publisher: PEARSON
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Chapter 14.4, Problem 2YT
To determine
To find: The derivative
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use Lagrange multipliers to solve
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,…
Chapter 14 Solutions
Finite Mathematics and Calculus with Applications (10th Edition)
Ch. 14.1 - Find the absolute extrema of the function f(x) =...Ch. 14.1 - Find the locations and values of the absolute...Ch. 14.1 - Prob. 1WECh. 14.1 - Find all critical numbers for each of the...Ch. 14.1 - Prob. 1ECh. 14.1 - Prob. 2ECh. 14.1 - Prob. 3ECh. 14.1 - Find the locations of any absolute extrema for the...Ch. 14.1 - Prob. 5ECh. 14.1 - Prob. 6E
Ch. 14.1 - Prob. 7ECh. 14.1 - Prob. 8ECh. 14.1 - Prob. 9ECh. 14.1 - Prob. 10ECh. 14.1 - Prob. 11ECh. 14.1 - Prob. 12ECh. 14.1 - Prob. 13ECh. 14.1 - Prob. 14ECh. 14.1 - Prob. 15ECh. 14.1 - Prob. 16ECh. 14.1 - Find the absolute extrema if they exist, as well...Ch. 14.1 - Prob. 18ECh. 14.1 - Prob. 19ECh. 14.1 - Prob. 20ECh. 14.1 - Prob. 21ECh. 14.1 - Prob. 22ECh. 14.1 - Prob. 23ECh. 14.1 - Prob. 24ECh. 14.1 - Prob. 25ECh. 14.1 - Prob. 26ECh. 14.1 - Prob. 27ECh. 14.1 - Prob. 28ECh. 14.1 - Prob. 29ECh. 14.1 - Prob. 30ECh. 14.1 - Prob. 31ECh. 14.1 - Prob. 32ECh. 14.1 - Prob. 33ECh. 14.1 - Prob. 34ECh. 14.1 - Prob. 35ECh. 14.1 - Find the absolute extrema if they exist, as well...Ch. 14.1 - Prob. 37ECh. 14.1 - Prob. 38ECh. 14.1 - Prob. 39ECh. 14.1 - Prob. 40ECh. 14.1 - Prob. 41ECh. 14.1 - Prob. 42ECh. 14.1 - Prob. 43ECh. 14.1 - Prob. 44ECh. 14.1 - Prob. 45ECh. 14.1 - Prob. 46ECh. 14.1 - Prob. 47ECh. 14.1 - Prob. 48ECh. 14.1 - Prob. 49ECh. 14.1 - Prob. 50ECh. 14.1 - Prob. 51ECh. 14.1 - Prob. 53ECh. 14.1 - Salmon Spawning The number of salmon swimming...Ch. 14.1 - Prob. 55ECh. 14.1 - Prob. 56ECh. 14.1 - Prob. 57ECh. 14.1 - Prob. 58ECh. 14.1 - Prob. 59ECh. 14.1 - Prob. 60ECh. 14.1 - Prob. 61ECh. 14.1 - Prob. 62ECh. 14.2 - Prob. 1YTCh. 14.2 - Prob. 2YTCh. 14.2 - Prob. 3YTCh. 14.2 - Prob. 4YTCh. 14.2 - Prob. 1WECh. 14.2 - Prob. 2WECh. 14.2 - Prob. 1ECh. 14.2 - Prob. 2ECh. 14.2 - Prob. 3ECh. 14.2 - Prob. 4ECh. 14.2 - Prob. 5ECh. 14.2 - Prob. 6ECh. 14.2 - Prob. 7ECh. 14.2 - Prob. 8ECh. 14.2 - Prob. 9ECh. 14.2 - Prob. 10ECh. 14.2 - Prob. 11ECh. 14.2 - Prob. 12ECh. 14.2 - Prob. 13ECh. 14.2 - Prob. 14ECh. 14.2 - Revenue A local club is arranging a charter flight...Ch. 14.2 - Prob. 16ECh. 14.2 - Prob. 17ECh. 14.2 - Prob. 18ECh. 14.2 - Prob. 19ECh. 14.2 - Prob. 20ECh. 14.2 - Prob. 21ECh. 14.2 - Prob. 22ECh. 14.2 - Prob. 23ECh. 14.2 - Prob. 24ECh. 14.2 - Prob. 25ECh. 14.2 - Container Design Your company needs to design...Ch. 14.2 - Prob. 27ECh. 14.2 - Prob. 28ECh. 14.2 - Prob. 29ECh. 14.2 - Prob. 30ECh. 14.2 - Prob. 31ECh. 14.2 - Prob. 32ECh. 14.2 - Prob. 33ECh. 14.2 - Prob. 34ECh. 14.2 - Prob. 35ECh. 14.2 - Prob. 36ECh. 14.2 - Prob. 37ECh. 14.2 - Prob. 38ECh. 14.2 - Prob. 39ECh. 14.2 - Prob. 40ECh. 14.2 - Maximum Sustainable Harvest In Exercises 41 and...Ch. 14.2 - Prob. 42ECh. 14.2 - Prob. 43ECh. 14.2 - Prob. 44ECh. 14.2 - Harvesting Cod A recent article described the...Ch. 14.2 - Prob. 46ECh. 14.2 - Prob. 47ECh. 14.2 - Bird Migration Suppose a migrating bird flies at a...Ch. 14.2 - Prob. 49ECh. 14.2 - Prob. 50ECh. 14.2 - Prob. 51ECh. 14.3 - Suppose the annual demand in Example 1 is only...Ch. 14.3 - Prob. 2YTCh. 14.3 - Prob. 3YTCh. 14.3 - Prob. 4YTCh. 14.3 - Prob. 5YTCh. 14.3 - Prob. 1WECh. 14.3 - Prob. 2WECh. 14.3 - In the discussion of economic lot size, use the...Ch. 14.3 - Prob. 2ECh. 14.3 - Prob. 3ECh. 14.3 - Prob. 4ECh. 14.3 - Prob. 5ECh. 14.3 - Prob. 6ECh. 14.3 - Prob. 7ECh. 14.3 - Prob. 8ECh. 14.3 - Prob. 9ECh. 14.3 - Prob. 10ECh. 14.3 - Prob. 11ECh. 14.3 - Prob. 12ECh. 14.3 - Prob. 13ECh. 14.3 - Prob. 14ECh. 14.3 - Prob. 15ECh. 14.3 - Prob. 16ECh. 14.3 - Prob. 17ECh. 14.3 - Prob. 18ECh. 14.3 - Elasticity For each of the following demand...Ch. 14.3 - Elasticity For each of the following demand...Ch. 14.3 - Prob. 21ECh. 14.3 - Elasticity For each of the following demand...Ch. 14.3 - Prob. 23ECh. 14.3 - Prob. 24ECh. 14.3 - Prob. 25ECh. 14.3 - Prob. 26ECh. 14.3 - Prob. 27ECh. 14.3 - Prob. 28ECh. 14.3 - Elasticity of Software The Valve Corporation, a...Ch. 14.3 - Prob. 30ECh. 14.3 - Elasticity A study of the demand for air travel in...Ch. 14.3 - Elasticity The price along the West Coast of the...Ch. 14.3 - Prob. 33ECh. 14.3 - Prob. 34ECh. 14.4 - Prob. 1YTCh. 14.4 - Prob. 2YTCh. 14.4 - The graph of y4 x4 y2 + x2 = 0 is called the...Ch. 14.4 - Prob. 4YTCh. 14.4 - Prob. 1WECh. 14.4 - Prob. 2WECh. 14.4 - Find dy/dx by implicit differentiation for the...Ch. 14.4 - Prob. 2ECh. 14.4 - Prob. 3ECh. 14.4 - Prob. 4ECh. 14.4 - Prob. 5ECh. 14.4 - Prob. 6ECh. 14.4 - Prob. 7ECh. 14.4 - Prob. 8ECh. 14.4 - Prob. 9ECh. 14.4 - Prob. 10ECh. 14.4 - Prob. 11ECh. 14.4 - Prob. 12ECh. 14.4 - Prob. 13ECh. 14.4 - Prob. 14ECh. 14.4 - Prob. 15ECh. 14.4 - Prob. 16ECh. 14.4 - Prob. 17ECh. 14.4 - Prob. 18ECh. 14.4 - Prob. 19ECh. 14.4 - Prob. 20ECh. 14.4 - Prob. 21ECh. 14.4 - Prob. 22ECh. 14.4 - Prob. 23ECh. 14.4 - Prob. 24ECh. 14.4 - Prob. 25ECh. 14.4 - Prob. 26ECh. 14.4 - Prob. 27ECh. 14.4 - Prob. 28ECh. 14.4 - Prob. 29ECh. 14.4 - Prob. 30ECh. 14.4 - Prob. 31ECh. 14.4 - Prob. 32ECh. 14.4 - Prob. 33ECh. 14.4 - Prob. 34ECh. 14.4 - Prob. 35ECh. 14.4 - Prob. 36ECh. 14.4 - Prob. 37ECh. 14.4 - Prob. 38ECh. 14.4 - Prob. 39ECh. 14.4 - Prob. 40ECh. 14.4 - Prob. 41ECh. 14.4 - Prob. 42ECh. 14.4 - Prob. 43ECh. 14.4 - Demand The demand equation for a certain product...Ch. 14.4 - Prob. 45ECh. 14.4 - Prob. 46ECh. 14.4 - Prob. 47ECh. 14.4 - Prob. 48ECh. 14.4 - Prob. 49ECh. 14.4 - Prob. 50ECh. 14.4 - Prob. 51ECh. 14.4 - Prob. 52ECh. 14.4 - Prob. 53ECh. 14.5 - Prob. 1YTCh. 14.5 - Prob. 2YTCh. 14.5 - Prob. 3YTCh. 14.5 - Prob. 4YTCh. 14.5 - Prob. 1WECh. 14.5 - Prob. 2WECh. 14.5 - Prob. 1ECh. 14.5 - Prob. 2ECh. 14.5 - Prob. 3ECh. 14.5 - Prob. 4ECh. 14.5 - Prob. 5ECh. 14.5 - Prob. 6ECh. 14.5 - Prob. 7ECh. 14.5 - Prob. 8ECh. 14.5 - Prob. 9ECh. 14.5 - Prob. 10ECh. 14.5 - Prob. 11ECh. 14.5 - Prob. 12ECh. 14.5 - Prob. 13ECh. 14.5 - Prob. 14ECh. 14.5 - Prob. 15ECh. 14.5 - Prob. 16ECh. 14.5 - Prob. 17ECh. 14.5 - Prob. 18ECh. 14.5 - Prob. 19ECh. 14.5 - Prob. 20ECh. 14.5 - Prob. 21ECh. 14.5 - Prob. 22ECh. 14.5 - Prob. 23ECh. 14.5 - Prob. 24ECh. 14.5 - Prob. 25ECh. 14.5 - Prob. 26ECh. 14.5 - Prob. 27ECh. 14.5 - Prob. 28ECh. 14.5 - Prob. 29ECh. 14.5 - Prob. 30ECh. 14.5 - Prob. 31ECh. 14.5 - Prob. 32ECh. 14.6 - Prob. 1YTCh. 14.6 - Prob. 2YTCh. 14.6 - Prob. 3YTCh. 14.6 - Prob. 1WECh. 14.6 - Prob. 2WECh. 14.6 - Prob. 1ECh. 14.6 - Prob. 2ECh. 14.6 - Prob. 3ECh. 14.6 - Prob. 4ECh. 14.6 - Prob. 5ECh. 14.6 - For Exercises 18, find dy for the given values of...Ch. 14.6 - For Exercises 18, find dy for the given values of...Ch. 14.6 - Prob. 8ECh. 14.6 - Prob. 9ECh. 14.6 - Prob. 10ECh. 14.6 - Prob. 11ECh. 14.6 - Prob. 12ECh. 14.6 - Prob. 13ECh. 14.6 - Prob. 14ECh. 14.6 - Use the differential to approximate each quantity....Ch. 14.6 - Prob. 16ECh. 14.6 - Business and Economies 17.Demand The demand for...Ch. 14.6 - Prob. 18ECh. 14.6 - Revenue A company estimates that the revenue (in...Ch. 14.6 - Prob. 20ECh. 14.6 - Prob. 21ECh. 14.6 - Prob. 22ECh. 14.6 - Prob. 23ECh. 14.6 - Prob. 24ECh. 14.6 - Prob. 25ECh. 14.6 - Prob. 26ECh. 14.6 - Prob. 27ECh. 14.6 - Prob. 28ECh. 14.6 - Prob. 29ECh. 14.6 - Gray Wolves Accurate methods of estimating the age...Ch. 14.6 - Prob. 31ECh. 14.6 - Prob. 32ECh. 14.6 - Prob. 33ECh. 14.6 - Prob. 34ECh. 14.6 - Prob. 35ECh. 14.6 - Prob. 36ECh. 14.6 - Prob. 37ECh. 14.6 - Prob. 38ECh. 14.6 - Prob. 39ECh. 14.6 - Prob. 40ECh. 14.6 - Prob. 41ECh. 14 - The absolute maximum of a function always occurs...Ch. 14 - A continuous function on a closed interval has an...Ch. 14 - Prob. 3RECh. 14 - Prob. 4RECh. 14 - Total revenue is maximized at the price where...Ch. 14 - Prob. 6RECh. 14 - Prob. 7RECh. 14 - Prob. 8RECh. 14 - Prob. 9RECh. 14 - Prob. 10RECh. 14 - Prob. 11RECh. 14 - Prob. 12RECh. 14 - Prob. 13RECh. 14 - Prob. 14RECh. 14 - Prob. 15RECh. 14 - Prob. 16RECh. 14 - Prob. 17RECh. 14 - Prob. 18RECh. 14 - Prob. 19RECh. 14 - Prob. 20RECh. 14 - Prob. 21RECh. 14 - Prob. 22RECh. 14 - Prob. 23RECh. 14 - Prob. 24RECh. 14 - Prob. 25RECh. 14 - Prob. 26RECh. 14 - Prob. 27RECh. 14 - Prob. 28RECh. 14 - Prob. 29RECh. 14 - Prob. 30RECh. 14 - Prob. 31RECh. 14 - Why is implicit differentiation used in related...Ch. 14 - Prob. 33RECh. 14 - Prob. 34RECh. 14 - Prob. 35RECh. 14 - Prob. 36RECh. 14 - Prob. 37RECh. 14 - Prob. 38RECh. 14 - Prob. 39RECh. 14 - Prob. 40RECh. 14 - Prob. 41RECh. 14 - Prob. 42RECh. 14 - Prob. 43RECh. 14 - Prob. 44RECh. 14 - Prob. 45RECh. 14 - Prob. 46RECh. 14 - Prob. 47RECh. 14 - Prob. 48RECh. 14 - Prob. 49RECh. 14 - Prob. 50RECh. 14 - Prob. 51RECh. 14 - Prob. 52RECh. 14 - Prob. 53RECh. 14 - Prob. 54RECh. 14 - Prob. 55RECh. 14 - Prob. 56RECh. 14 - Prob. 57RECh. 14 - Prob. 58RECh. 14 - Prob. 59RECh. 14 - Prob. 60RECh. 14 - Prob. 61RECh. 14 - Prob. 62RECh. 14 - Prob. 63RECh. 14 - Prob. 64RECh. 14 - Prob. 65RECh. 14 - Prob. 66RECh. 14 - Prob. 67RECh. 14 - Prob. 68RE
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