Question: (1 point) This problem involves the Cobb-Douglas production model, which is an important topic in economics. For general background on this model, please see Example

(1 point) This problem involves the Cobb-Douglas

(1 point) This problem involves the Cobb-Douglas production model, which is an important topic in economics. For general background on this model, please see Example 3 on p. 929 of your textbook. The total production P of a certain product depends on the number of units L of labor and the number of units K of capital investment, according to the formula P = 5 L K.4. Assume that each unit of labor costs 7 thousand dollars and each unit of capital investment costs 5 thousand dollars. Given that you have a budget of 70 thousand dollars to cover the costs of labor and capital investment, find the values of L and K that maximize your total production. L = K =

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