A company has the Cobb-Douglas production function z = 400x0.6 „0.4 where x is the number of units of labor, y is the number of units of capital, and z is the units of production. Suppose labor costs Php 1500 per unit, capital costs Php1000 per unit, and the total cost of labor and capital is limited to Php1,000,000. Use the method of Lagrange Multipliers to solve the following problems. 1) Find the number of units of labor and the number of units of capital that maximize production. 2) How much should be allocated to labor and capital to maximize production 3) What is the maximum production?

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