A manufacturer has modeled its yearly production function P (the monetary value of its entire production in millions of dollars) as a Cobb-Douglas function P(L, K) = 1.47L0.65K0.35 where L is the number of labor hours (in thousands) and K is the invested capital (in millions of dollars). Find P(100, 60) and interpret it. (Round your answers to one decimal place.) P(100, 60) = | monetary value of the production is about $ , so when the manufacturer invests $ million in capital and thousand hours of labor are completed yearly, the million.

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Domain

In simple mathematics terms, a domain is defined as the space on which all the possible inputs for the function will lie. It can also be expressed as a set of departures for the required function.