BuyFindarrow_forward

Calculus: An Applied Approach (Min...

10th Edition
Ron Larson
ISBN: 9781305860919

Solutions

Chapter
Section
BuyFindarrow_forward

Calculus: An Applied Approach (Min...

10th Edition
Ron Larson
ISBN: 9781305860919
Textbook Problem
1 views

Least-Cost Rule The production function for a company is given by

f ( x ,   y ) = 100 x 0.7 y 0.3 where x is the number of units of labor (at $50 per unit) and y is the number of units of capital (at $ 100 per unit). Management sets a production goal of 20,000 units.

(a) Find the numbers of units of labor and capital needed to meet the production goal while minimizing the cost.

(b) Show that the conditions of part (a) are met when

Marginal productivity of labor Marginal productivity of capital = Unit price of labor Unit price of capital

This proportion is called the Least-Cost Rule (or Equimarginal Rule).

(a)

To determine

To calculate: The number of units of labor and capital needed to meet a production goal while minimize the cost from the function f(x,y)=100x0.7y0.3.

Explanation

Given Information:

The production function for a manufacturer is given by f(x,y)=100x0.7y0.3x is the no of unit of labor and y is the no of unit of capital

Formula used:

Method of Lagrange multipliers,

If the function f(x,y) contains a maximum or minimum subject to the constraint g(x,y)=0

Then the maximum or minimum can occur at one of the critical numbers of the function F is,

F(x,y,λ)=f(x,y)λg(x,y) where, λ is a Lagrange multiplier.

Steps to determine the minimum or maximum of the function f.

1. Solve the system of equations,

Fx(x,y,λ)=0Fy(x,y,λ)=0Fλ(x,y,λ)=0

Calculation:

Consider the function,

f(x,y)=100x0.7y0.3

Minimize f(x,y)=50x+100y subject to constraint 100x0.7y0.320,000=0. now solve the constraint.

Fx(x,y,λ)=50x+100yλ(100x0.7y0.320,000)=0

Since

Fx=5070λx0.3y0.3=0

And

Fy=10030λx0.7y0.7=0

And

Fλ=(100x0.7y0

(b)

To determine

To proof: The condition of part (a) are met

marginal productivity of labourmarginal productivity of capital=unit price of labourunit price of capital from the function

f(x,y)=100x0.7y0.3.

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started
Sect-7.1 P-4SWUSect-7.1 P-5SWUSect-7.1 P-6SWUSect-7.1 P-7SWUSect-7.1 P-8SWUSect-7.1 P-1ESect-7.1 P-2ESect-7.1 P-3ESect-7.1 P-4ESect-7.1 P-5ESect-7.1 P-6ESect-7.1 P-7ESect-7.1 P-8ESect-7.1 P-9ESect-7.1 P-10ESect-7.1 P-11ESect-7.1 P-12ESect-7.1 P-13ESect-7.1 P-14ESect-7.1 P-15ESect-7.1 P-16ESect-7.1 P-17ESect-7.1 P-18ESect-7.1 P-19ESect-7.1 P-20ESect-7.1 P-21ESect-7.1 P-22ESect-7.1 P-23ESect-7.1 P-24ESect-7.1 P-25ESect-7.1 P-26ESect-7.1 P-27ESect-7.1 P-28ESect-7.1 P-29ESect-7.1 P-30ESect-7.1 P-31ESect-7.1 P-32ESect-7.1 P-33ESect-7.1 P-34ESect-7.1 P-35ESect-7.1 P-36ESect-7.1 P-37ESect-7.1 P-38ESect-7.1 P-39ESect-7.1 P-40ESect-7.1 P-41ESect-7.1 P-42ESect-7.1 P-43ESect-7.1 P-44ESect-7.2 P-1CPSect-7.2 P-2CPSect-7.2 P-3CPSect-7.2 P-1SWUSect-7.2 P-2SWUSect-7.2 P-3SWUSect-7.2 P-4SWUSect-7.2 P-5SWUSect-7.2 P-6SWUSect-7.2 P-1ESect-7.2 P-2ESect-7.2 P-3ESect-7.2 P-4ESect-7.2 P-5ESect-7.2 P-6ESect-7.2 P-7ESect-7.2 P-8ESect-7.2 P-9ESect-7.2 P-10ESect-7.2 P-11ESect-7.2 P-12ESect-7.2 P-13ESect-7.2 P-14ESect-7.2 P-15ESect-7.2 P-16ESect-7.2 P-17ESect-7.2 P-18ESect-7.2 P-19ESect-7.2 P-20ESect-7.2 P-21ESect-7.2 P-22ESect-7.2 P-23ESect-7.2 P-24ESect-7.2 P-25ESect-7.2 P-26ESect-7.2 P-27ESect-7.2 P-28ESect-7.2 P-35ESect-7.2 P-36ESect-7.2 P-37ESect-7.2 P-38ESect-7.2 P-39ESect-7.2 P-40ESect-7.2 P-41ESect-7.2 P-42ESect-7.2 P-43ESect-7.2 P-44ESect-7.2 P-45ESect-7.2 P-46ESect-7.2 P-47ESect-7.2 P-48ESect-7.2 P-49ESect-7.2 P-50ESect-7.2 P-51ESect-7.3 P-1CPSect-7.3 P-2CPSect-7.3 P-3CPSect-7.3 P-4CPSect-7.3 P-5CPSect-7.3 P-1SWUSect-7.3 P-2SWUSect-7.3 P-3SWUSect-7.3 P-4SWUSect-7.3 P-5SWUSect-7.3 P-6SWUSect-7.3 P-7SWUSect-7.3 P-8SWUSect-7.3 P-9SWUSect-7.3 P-10SWUSect-7.3 P-1ESect-7.3 P-2ESect-7.3 P-3ESect-7.3 P-4ESect-7.3 P-5ESect-7.3 P-6ESect-7.3 P-7ESect-7.3 P-8ESect-7.3 P-9ESect-7.3 P-10ESect-7.3 P-11ESect-7.3 P-12ESect-7.3 P-13ESect-7.3 P-14ESect-7.3 P-15ESect-7.3 P-16ESect-7.3 P-17ESect-7.3 P-18ESect-7.3 P-19ESect-7.3 P-20ESect-7.3 P-21ESect-7.3 P-22ESect-7.3 P-23ESect-7.3 P-24ESect-7.3 P-25ESect-7.3 P-26ESect-7.3 P-27ESect-7.3 P-28ESect-7.3 P-29ESect-7.3 P-30ESect-7.3 P-31ESect-7.3 P-32ESect-7.3 P-33ESect-7.3 P-34ESect-7.3 P-35ESect-7.3 P-36ESect-7.3 P-37ESect-7.3 P-38ESect-7.3 P-39ESect-7.3 P-40ESect-7.3 P-41ESect-7.3 P-42ESect-7.3 P-43ESect-7.3 P-44ESect-7.3 P-45ESect-7.3 P-46ESect-7.3 P-47ESect-7.3 P-48ESect-7.3 P-49ESect-7.3 P-50ESect-7.3 P-51ESect-7.3 P-53ESect-7.3 P-54ESect-7.3 P-55ESect-7.4 P-1CPSect-7.4 P-2CPSect-7.4 P-3CPSect-7.4 P-4CPSect-7.4 P-5CPSect-7.4 P-6CPSect-7.4 P-7CPSect-7.4 P-1SWUSect-7.4 P-2SWUSect-7.4 P-3SWUSect-7.4 P-4SWUSect-7.4 P-5SWUSect-7.4 P-6SWUSect-7.4 P-7SWUSect-7.4 P-8SWUSect-7.4 P-9SWUSect-7.4 P-10SWUSect-7.4 P-1ESect-7.4 P-2ESect-7.4 P-3ESect-7.4 P-4ESect-7.4 P-5ESect-7.4 P-6ESect-7.4 P-7ESect-7.4 P-8ESect-7.4 P-9ESect-7.4 P-10ESect-7.4 P-11ESect-7.4 P-12ESect-7.4 P-13ESect-7.4 P-14ESect-7.4 P-15ESect-7.4 P-16ESect-7.4 P-17ESect-7.4 P-18ESect-7.4 P-19ESect-7.4 P-20ESect-7.4 P-21ESect-7.4 P-22ESect-7.4 P-23ESect-7.4 P-24ESect-7.4 P-25ESect-7.4 P-26ESect-7.4 P-27ESect-7.4 P-28ESect-7.4 P-29ESect-7.4 P-30ESect-7.4 P-31ESect-7.4 P-32ESect-7.4 P-33ESect-7.4 P-34ESect-7.4 P-35ESect-7.4 P-36ESect-7.4 P-37ESect-7.4 P-38ESect-7.4 P-39ESect-7.4 P-40ESect-7.4 P-41ESect-7.4 P-42ESect-7.4 P-43ESect-7.4 P-44ESect-7.4 P-45ESect-7.4 P-46ESect-7.4 P-47ESect-7.4 P-48ESect-7.4 P-49ESect-7.4 P-50ESect-7.4 P-51ESect-7.4 P-52ESect-7.4 P-53ESect-7.4 P-54ESect-7.4 P-55ESect-7.4 P-56ESect-7.4 P-57ESect-7.4 P-58ESect-7.4 P-59ESect-7.4 P-60ESect-7.4 P-61ESect-7.4 P-62ESect-7.4 P-63ESect-7.4 P-64ESect-7.4 P-65ESect-7.4 P-66ESect-7.4 P-67ESect-7.4 P-68ESect-7.4 P-69ESect-7.4 P-71ESect-7.4 P-72ESect-7.4 P-73ESect-7.5 P-1CPSect-7.5 P-2CPSect-7.5 P-3CPSect-7.5 P-4CPSect-7.5 P-5CPSect-7.5 P-1SWUSect-7.5 P-2SWUSect-7.5 P-3SWUSect-7.5 P-4SWUSect-7.5 P-5SWUSect-7.5 P-6SWUSect-7.5 P-7SWUSect-7.5 P-8SWUSect-7.5 P-9SWUSect-7.5 P-10SWUSect-7.5 P-11SWUSect-7.5 P-12SWUSect-7.5 P-13SWUSect-7.5 P-14SWUSect-7.5 P-1ESect-7.5 P-2ESect-7.5 P-3ESect-7.5 P-4ESect-7.5 P-5ESect-7.5 P-6ESect-7.5 P-7ESect-7.5 P-8ESect-7.5 P-9ESect-7.5 P-10ESect-7.5 P-11ESect-7.5 P-12ESect-7.5 P-13ESect-7.5 P-14ESect-7.5 P-15ESect-7.5 P-16ESect-7.5 P-17ESect-7.5 P-18ESect-7.5 P-19ESect-7.5 P-20ESect-7.5 P-21ESect-7.5 P-22ESect-7.5 P-23ESect-7.5 P-24ESect-7.5 P-25ESect-7.5 P-26ESect-7.5 P-27ESect-7.5 P-28ESect-7.5 P-29ESect-7.5 P-30ESect-7.5 P-31ESect-7.5 P-32ESect-7.5 P-33ESect-7.5 P-34ESect-7.5 P-35ESect-7.5 P-36ESect-7.5 P-37ESect-7.5 P-38ESect-7.5 P-39ESect-7.5 P-40ESect-7.5 P-41ESect-7.5 P-42ESect-7.5 P-43ESect-7.5 P-44ESect-7.5 P-45ESect-7.5 P-46ESect-7.5 P-47ESect-7.5 P-48ESect-7.5 P-49ESect-7.5 P-50ESect-7.5 P-51ESect-7.5 P-53ESect-7.5 P-54ESect-7.5 P-55ESect-7.5 P-56ESect-7.5 P-1QYSect-7.5 P-2QYSect-7.5 P-3QYSect-7.5 P-4QYSect-7.5 P-5QYSect-7.5 P-6QYSect-7.5 P-7QYSect-7.5 P-8QYSect-7.5 P-9QYSect-7.5 P-10QYSect-7.5 P-11QYSect-7.5 P-12QYSect-7.5 P-13QYSect-7.5 P-14QYSect-7.5 P-15QYSect-7.5 P-16QYSect-7.5 P-17QYSect-7.5 P-18QYSect-7.5 P-19QYSect-7.5 P-20QYSect-7.5 P-21QYSect-7.5 P-22QYSect-7.5 P-23QYSect-7.5 P-24QYSect-7.5 P-25QYSect-7.5 P-26QYSect-7.6 P-1CPSect-7.6 P-2CPSect-7.6 P-3CPSect-7.6 P-4CPSect-7.6 P-1SWUSect-7.6 P-2SWUSect-7.6 P-3SWUSect-7.6 P-4SWUSect-7.6 P-5SWUSect-7.6 P-6SWUSect-7.6 P-7SWUSect-7.6 P-8SWUSect-7.6 P-9SWUSect-7.6 P-10SWUSect-7.6 P-1ESect-7.6 P-2ESect-7.6 P-3ESect-7.6 P-4ESect-7.6 P-5ESect-7.6 P-6ESect-7.6 P-7ESect-7.6 P-8ESect-7.6 P-9ESect-7.6 P-10ESect-7.6 P-11ESect-7.6 P-12ESect-7.6 P-13ESect-7.6 P-14ESect-7.6 P-15ESect-7.6 P-16ESect-7.6 P-17ESect-7.6 P-18ESect-7.6 P-19ESect-7.6 P-20ESect-7.6 P-21ESect-7.6 P-22ESect-7.6 P-23ESect-7.6 P-24ESect-7.6 P-25ESect-7.6 P-26ESect-7.6 P-27ESect-7.6 P-28ESect-7.6 P-29ESect-7.6 P-30ESect-7.6 P-31ESect-7.6 P-32ESect-7.6 P-33ESect-7.6 P-34ESect-7.6 P-35ESect-7.6 P-36ESect-7.6 P-37ESect-7.6 P-38ESect-7.6 P-39ESect-7.6 P-40ESect-7.6 P-41ESect-7.6 P-42ESect-7.6 P-43ESect-7.6 P-44ESect-7.6 P-45ESect-7.7 P-1CPSect-7.7 P-2CPSect-7.7 P-3CPSect-7.7 P-1SWUSect-7.7 P-2SWUSect-7.7 P-3SWUSect-7.7 P-4SWUSect-7.7 P-5SWUSect-7.7 P-6SWUSect-7.7 P-7SWUSect-7.7 P-8SWUSect-7.7 P-1ESect-7.7 P-2ESect-7.7 P-3ESect-7.7 P-4ESect-7.7 P-5ESect-7.7 P-6ESect-7.7 P-7ESect-7.7 P-8ESect-7.7 P-9ESect-7.7 P-10ESect-7.7 P-11ESect-7.7 P-12ESect-7.7 P-13ESect-7.7 P-14ESect-7.7 P-15ESect-7.7 P-16ESect-7.7 P-17ESect-7.7 P-18ESect-7.7 P-19ESect-7.7 P-20ESect-7.7 P-21ESect-7.7 P-22ESect-7.7 P-23ESect-7.7 P-24ESect-7.7 P-25ESect-7.7 P-26ESect-7.7 P-27ESect-7.7 P-28ESect-7.7 P-29ESect-7.7 P-30ESect-7.8 P-1CPSect-7.8 P-2CPSect-7.8 P-3CPSect-7.8 P-4CPSect-7.8 P-5CPSect-7.8 P-6CPSect-7.8 P-1SWUSect-7.8 P-2SWUSect-7.8 P-3SWUSect-7.8 P-4SWUSect-7.8 P-5SWUSect-7.8 P-6SWUSect-7.8 P-7SWUSect-7.8 P-8SWUSect-7.8 P-9SWUSect-7.8 P-10SWUSect-7.8 P-11SWUSect-7.8 P-12SWUSect-7.8 P-13SWUSect-7.8 P-14SWUSect-7.8 P-15SWUSect-7.8 P-16SWUSect-7.8 P-1ESect-7.8 P-2ESect-7.8 P-3ESect-7.8 P-4ESect-7.8 P-5ESect-7.8 P-6ESect-7.8 P-7ESect-7.8 P-8ESect-7.8 P-9ESect-7.8 P-10ESect-7.8 P-11ESect-7.8 P-12ESect-7.8 P-13ESect-7.8 P-14ESect-7.8 P-15ESect-7.8 P-16ESect-7.8 P-17ESect-7.8 P-18ESect-7.8 P-19ESect-7.8 P-20ESect-7.8 P-21ESect-7.8 P-22ESect-7.8 P-23ESect-7.8 P-24ESect-7.8 P-25ESect-7.8 P-26ESect-7.8 P-27ESect-7.8 P-28ESect-7.8 P-29ESect-7.8 P-30ESect-7.8 P-31ESect-7.8 P-32ESect-7.8 P-33ESect-7.8 P-34ESect-7.8 P-35ESect-7.8 P-36ESect-7.8 P-37ESect-7.8 P-38ESect-7.8 P-39ESect-7.8 P-40ESect-7.8 P-41ESect-7.8 P-42ESect-7.8 P-43ESect-7.8 P-44ESect-7.8 P-45ESect-7.8 P-46ESect-7.8 P-47ESect-7.8 P-48ESect-7.8 P-49ESect-7.8 P-50ESect-7.8 P-51ESect-7.8 P-52ESect-7.8 P-53ESect-7.8 P-54ESect-7.8 P-55ESect-7.8 P-56ESect-7.8 P-57ESect-7.8 P-58ESect-7.8 P-59ESect-7.8 P-60ESect-7.9 P-1CPSect-7.9 P-2CPSect-7.9 P-3CPSect-7.9 P-4CPSect-7.9 P-5CPSect-7.9 P-1SWUSect-7.9 P-2SWUSect-7.9 P-3SWUSect-7.9 P-4SWUSect-7.9 P-5SWUSect-7.9 P-6SWUSect-7.9 P-7SWUSect-7.9 P-8SWUSect-7.9 P-9SWUSect-7.9 P-10SWUSect-7.9 P-1ESect-7.9 P-2ESect-7.9 P-3ESect-7.9 P-4ESect-7.9 P-5ESect-7.9 P-6ESect-7.9 P-7ESect-7.9 P-8ESect-7.9 P-9ESect-7.9 P-10ESect-7.9 P-11ESect-7.9 P-12ESect-7.9 P-13ESect-7.9 P-14ESect-7.9 P-15ESect-7.9 P-16ESect-7.9 P-17ESect-7.9 P-18ESect-7.9 P-19ESect-7.9 P-20ESect-7.9 P-21ESect-7.9 P-22ESect-7.9 P-23ESect-7.9 P-24ESect-7.9 P-25ESect-7.9 P-26ESect-7.9 P-27ESect-7.9 P-28ESect-7.9 P-29ESect-7.9 P-30ESect-7.9 P-31ESect-7.9 P-32ESect-7.9 P-33ESect-7.9 P-34ESect-7.9 P-35ESect-7.9 P-36ECh-7 P-1RECh-7 P-2RECh-7 P-3RECh-7 P-4RECh-7 P-5RECh-7 P-6RECh-7 P-7RECh-7 P-8RECh-7 P-9RECh-7 P-10RECh-7 P-11RECh-7 P-12RECh-7 P-13RECh-7 P-14RECh-7 P-15RECh-7 P-16RECh-7 P-17RECh-7 P-18RECh-7 P-19RECh-7 P-20RECh-7 P-21RECh-7 P-22RECh-7 P-23RECh-7 P-24RECh-7 P-25RECh-7 P-26RECh-7 P-27RECh-7 P-28RECh-7 P-29RECh-7 P-30RECh-7 P-31RECh-7 P-32RECh-7 P-33RECh-7 P-34RECh-7 P-35RECh-7 P-36RECh-7 P-37RECh-7 P-38RECh-7 P-39RECh-7 P-40RECh-7 P-41RECh-7 P-42RECh-7 P-43RECh-7 P-44RECh-7 P-45RECh-7 P-46RECh-7 P-47RECh-7 P-48RECh-7 P-49RECh-7 P-50RECh-7 P-51RECh-7 P-52RECh-7 P-53RECh-7 P-54RECh-7 P-55RECh-7 P-56RECh-7 P-57RECh-7 P-58RECh-7 P-59RECh-7 P-60RECh-7 P-61RECh-7 P-62RECh-7 P-63RECh-7 P-64RECh-7 P-65RECh-7 P-66RECh-7 P-67RECh-7 P-68RECh-7 P-69RECh-7 P-70RECh-7 P-71RECh-7 P-72RECh-7 P-73RECh-7 P-74RECh-7 P-75RECh-7 P-76RECh-7 P-77RECh-7 P-78RECh-7 P-79RECh-7 P-80RECh-7 P-81RECh-7 P-82RECh-7 P-83RECh-7 P-84RECh-7 P-85RECh-7 P-86RECh-7 P-87RECh-7 P-88RECh-7 P-89RECh-7 P-90RECh-7 P-91RECh-7 P-92RECh-7 P-93RECh-7 P-94RECh-7 P-95RECh-7 P-96RECh-7 P-97RECh-7 P-98RECh-7 P-99RECh-7 P-100RECh-7 P-101RECh-7 P-102RECh-7 P-103RECh-7 P-104RECh-7 P-1TYSCh-7 P-2TYSCh-7 P-3TYSCh-7 P-4TYSCh-7 P-5TYSCh-7 P-6TYSCh-7 P-7TYSCh-7 P-8TYSCh-7 P-9TYSCh-7 P-10TYSCh-7 P-11TYSCh-7 P-12TYSCh-7 P-13TYSCh-7 P-14TYSCh-7 P-15TYSCh-7 P-16TYSCh-7 P-17TYSCh-7 P-18TYSCh-7 P-19TYSCh-7 P-20TYSCh-7 P-21TYSCh-7 P-22TYS

Additional Math Solutions

Find more solutions based on key concepts

Show solutions add

Surface area of a Single-Celled Organism The surface area 5 of a single-celled organism may be found by multipl...

Applied Calculus for the Managerial, Life, and Social Sciences: A Brief Approach

In problems 15-26, evaluate each expression. 26.

Mathematical Applications for the Management, Life, and Social Sciences

Find f. f(t) = 2t 3 sin t, f(0) = 5

Single Variable Calculus: Early Transcendentals

Divide: 100+25

Elementary Technical Mathematics

The solution to y = y2 with y(1)=13 is: a) y=1x+2 b) y=lnx+13 c) y=12x216 d) y=12x16

Study Guide for Stewart's Single Variable Calculus: Early Transcendentals, 8th

Rewritten as an iterated integral in polar coordinates,

Study Guide for Stewart's Multivariable Calculus, 8th

Find x. log0.25x=-1

College Algebra (MindTap Course List)

What is the novelty effect, and how does it affect a studys external validity?

Research Methods for the Behavioral Sciences (MindTap Course List)