Calculus : The Classic Edition (with Make the Grade and Infotrac)
5th Edition
ISBN: 9780534435387
Author: Earl W. Swokowski
Publisher: Brooks/Cole
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A firm manufactures a commodity at two different factories, Factory X and Factory Y. The total cost (in
dollars) of manufacturing depends on the quantities, and y produced at each factory, respectively, and is
expressed by the joint cost function:
C(x, y) = x² + xy +4y²+400
A) If the company's objective is to produce 1,900 units per month while minimizing the total monthly cost
of production, how many units should be produced at each factory? (Round your answer to whole units, i.e.
no decimal places.)
To minimize costs, the company should produce:
units at Factory X and
units at Factory Y
B) For this combination of units, their minimal costs will be
enter any commas in your answer.)
Question Help: Video
dollars. (Do not
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
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, calculus and related others by exploring similar questions and additional content below.Similar questions
- 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,…arrow_forwardFind the absolute maximum and minimum of f(x, y) = x + y within the domain x² + y² ≤ 4. Please show your answers to at least 4 decimal places. Enter DNE if the value does not exist. 1. Absolute minimum of f(x, y) isarrow_forwardSuppose that one factory inputs its goods from two different plants, A and B, with different costs, 3 and 7 each respective. And suppose the price function in the market is decided as p(x, y) = 100 - x - y where I and y are the demand functions and 0 < x,y. Then as x = y = the factory can attain the maximum profit,arrow_forward
- Evaluate the following integrals, showing all your workingarrow_forwardConsider the function f(x) = 2x³-4x2-x+1. (a) Without doing a sketch, show that the cubic equation has at least one solution on the interval [0,1]. Use a theorem discussed in lectures, or see Section 1.8 of Calculus (7th ed) by Stewart. Ensure that the conditions of the theorem are satisfied (include this in your solution) (b) Now, by sketching the cubic (by hand or by computer), you should see that there is, in fact, exactly one zero in the interval [0,1]. Use Newton's method to find this zero accurate to 3 decimal places. You should include a sketch of the cubic, Newton's iteration formula, and the list of iterates. [Use a computer if possible, e.g., a spreadsheet or MatLab.]arrow_forwardEvaluate the following integrals, showing all your workingarrow_forward
- Differentiate the following functionarrow_forwardDifferentiate the following functionarrow_forwardA box with a square base and open top must have a volume of 13,500 cm³. Find the dimensions that minimise the amount of material used. Ensure you show your working to demonstrate that it is a minimum.arrow_forward
- Consider the equation, f(x) = x*. (a) Using the trapezoidal method with 3 columns, estimate the value of the integral f² f(x)dx. (b) Using the trapezoidal method with 10 columns, estimate the value of the integral f² f(x)dx. You many need software to help you do this (e.g. MATLAB, Excel, Google sheets). (c) Use software to accurately calculate the integral (e.g. Wolfram alpha, Matlab). Using this answer, comment on the answers you found in parts a) and b).arrow_forwardUsing the first-principles definition of differentiation, find the derivative of f(x) = = 2x²arrow_forwardEvaluate the following integrals, showing all your workingarrow_forward
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