Question

Asked Mar 17, 2019

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Step 1

To find the values of L and K that maximize production if S360, 000 is budgeted for the production of this product. Here L is the number of units of labor and K is the number of units of capital. Each unit of labor costs S40 while each unit of capital costs $120.Also the production function for a product is given by P(L, K). The total budject can be mathematically expressed as follows:

Step 2

Use the Lagrange multipliers subjec t to the constraint *g(L,K) = 40L+120K=360000.* Also equate *P _{L}= *λ

Step 3

Simplify again to obtain the values of&nb...

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