EBK SINGLE VARIABLE CALCULUS: EARLY TRA
8th Edition
ISBN: 9780176743826
Author: Stewart
Publisher: VST
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Chapter H, Problem 23E
To determine
To find: The solution of the equation
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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 H Solutions
EBK SINGLE VARIABLE CALCULUS: EARLY TRA
Ch. H - Prob. 1ECh. H - Prob. 2ECh. H - Prob. 3ECh. H - Prob. 4ECh. H - Prob. 5ECh. H - Prob. 6ECh. H - Prob. 7ECh. H - Evaluate the expression and write your answer in...Ch. H - Prob. 9ECh. H - Prob. 10E
Ch. H - Prob. 11ECh. H - Prob. 12ECh. H - Prob. 13ECh. H - Evaluate the expression and write your answer in...Ch. H - Prob. 15ECh. H - Prob. 16ECh. H - Prob. 17ECh. H - Prove the following properties of complex numbers....Ch. H - Prob. 19ECh. H - Prob. 20ECh. H - Prob. 21ECh. H - Find all solutions of the equation. 22. 2x2 2x +...Ch. H - Prob. 23ECh. H - Find all solutions of the equation. 24....Ch. H - Write the number in polar form with argument...Ch. H - Prob. 26ECh. H - Prob. 27ECh. H - Prob. 28ECh. H - Write the number in polar form with argument...Ch. H - Prob. 30ECh. H - Prob. 31ECh. H - Prob. 32ECh. H - Find the indicated power using De Moivres Theorem....Ch. H - Prob. 34ECh. H - Prob. 35ECh. H - Prob. 36ECh. H - Prob. 37ECh. H - Prob. 38ECh. H - Prob. 39ECh. H - Prob. 40ECh. H - Prob. 41ECh. H - Prob. 42ECh. H - Prob. 43ECh. H - Prob. 44ECh. H - Prob. 45ECh. H - Prob. 46ECh. H - Prob. 47ECh. H - Use Eulers formula to prove the following formulas...Ch. H - If u(x) = f(x) + ig(x) is a complex-valued...Ch. H - (a) If u is a complex-valued function of a real...
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