Question: A manufacturer has modeled its yearly production function P (the monetary value of its entire production in millions of dollars) as a Cobb-Douglas function P(L,

A manufacturer has modeled its yearly production function P (the monetary value of its entire production in millions of dollars) as a Cobb-Douglas function

P(L, K) = 1.47L^0.65K^0.35
where L is the number of labor hours (in thousands) and K is the invested capital (in millions of dollars). Find P(120, 20) and interpret it.

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