The quantity, Q, of a certain product manufactured depends on the quantity of labor, L, and of

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The quantity, Q, of a certain product manufactured depends on the quantity of labor, L, and of capital, K, used according to the function

Q = 900L1∕2K2∕3.

Labor costs $100 per unit and capital costs $200 per unit. What combination of labor and capital should be used to produce 36,000 units of the goods at minimum cost? What is that minimum cost?

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Applied Calculus

ISBN: 9781119275565

6th Edition

Authors: Deborah Hughes Hallett, Patti Frazer Lock, Andrew M. Gleason, Daniel E. Flath, Sheldon P. Gordon, David O. Lomen, David Lovelock, William G. McCallum, Brad G. Osgood, Andrew Pasquale

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