The automobile assembly plant you manage has a Cobb-Douglas production function given by P = 20x0.5y0.5 where P is the number of automobiles it produces per year, x is the number of employees, and y is the daily operating budget (in dollars). Assume that you maintain a constant work force of 170 workers and wish to increase production in order to meet a demand that is increasing by 90 automobiles per year. The current demand is 1100 automobiles per year. How fast should your daily operating budget be increasing? HINT [See Example 4.] (Round your answer to the nearest cent.)

The automobile assembly plant you manage has a Cobb-Douglas production function given by P = 20x0.5y0.5 where P is the number of automobiles it produces per year, x is the number of employees, and y is the daily operating budget (in dollars). Assume that you maintain a constant work force of 170 workers and wish to increase production in order to meet a demand that is increasing by 90 automobiles per year. The current demand is 1100 automobiles per year. How fast should your daily operating budget be increasing? HINT [See Example 4.] (Round your answer to the nearest cent.)

Algebra for College Students

10th Edition

ISBN:9781285195780

Author:Jerome E. Kaufmann, Karen L. Schwitters

Publisher:Jerome E. Kaufmann, Karen L. Schwitters

Chapter9: Polynomial And Rational Functions

Section9.4: Graphing Polynomial Functions

Problem 44PS: A company determines that its weekly profit from manufacturing and selling x units of a certain item...

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