Find the minimum cost P(x, y) of producing 50,000 units of a product, where x is the number of units of labor (at $84 per unit) and y is the number of units of capital (at $60 per unit). (Round your answer to two decimal places.) P(x, y) = 100x.25y0.75 Need Help? Resd It Taik to a Tutor

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.