Question: 3) (Lagrange Multipliers) (15 pts) The production function for a particular product is given by N(x,y) = 40.2.0.8,0-2, where x is the number of units

3) (Lagrange Multipliers) (15 pts) The production function for a particular product is given by N(x,y) = 40.2.0.8,0-2, where x is the number of units of labor and y is the number of units of capital required to produce N(x,y) units of the product. Each unit of labor costs $40 and each unit of capital costs $80. If $800,000 is budgeted for production of the product, determine how the amount should be allocated to maximize the production

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