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The Cobb-Dovolas producticn funcfie a Particular preduct is NX,Y)=6a8you4 for where X is the # of units of labor & y C The # of units ef califal rewired O prodkce NOxy) Upts of the produet- Each Unt of laber Costs $ 60 & cach und of Capital Costs do S00000 is bodgeted for freduction, defermine hau that amcont Slood bc albcated to maxinize prodoction,

The Cobb-Dovolas producticn funcfie a Particular preduct is NX,Y)=6a8you4 for where X is the # of units of labor & y C The # of units ef califal rewired O prodkce NOxy) Upts of the produet- Each Unt of laber Costs $ 60 & cach und of Capital Costs do S00000 is bodgeted for freduction, defermine hau that amcont Slood bc albcated to maxinize prodoction,

Elementary Geometry For College Students, 7e
Elementary Geometry For College Students, 7e
7th Edition
ISBN:9781337614085
Author:Alexander, Daniel C.; Koeberlein, Geralyn M.
Publisher:Alexander, Daniel C.; Koeberlein, Geralyn M.
Chapter9: Surfaces And Solids
Section9.1: Prisms, Area And Volume
Problem 43E
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for C The # of units of Capifal Deuired 2 prodkce NOy) Unts of the product. Each Unt of labor Coss$ 6o & cach una Of Cafifal Costs ao. S00000 is bodgeted for freduction defermine how that amcont slood be albcated to maxinize prodoction, e a is N (X,Y)= 6a 0.4
Transcribed Image Text:for C The # of units of Capifal Deuired 2 prodkce NOy) Unts of the product. Each Unt of labor Coss$ 6o & cach una Of Cafifal Costs ao. S00000 is bodgeted for freduction defermine how that amcont slood be albcated to maxinize prodoction, e a is N (X,Y)= 6a 0.4
Expert Solution
Step 1

N(x, y) =60x0.6y0.4

cost=60x+120y

300,000=60x+120y

5000=x+2y

we need to maximize N for given constraint:

N=60x0.65000-x20.4

N'=d60x0.65000-x20.4dx

 

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