Question: 3) The Cobb-Douglas production function for a company is given by P(k, I) = 163k1/514/5 3) where P is the monthly production value when k

 3) The Cobb-Douglas production function for a company is given by

3) The Cobb-Douglas production function for a company is given by P(k, I) = 163k1/514/5 3) where P is the monthly production value when k is the number of units of capital and I is the number of units of labor. Suppose that capital costs $105 per unit, labor costs $70 per unit, and the total cost of capital and labor is limited to $152,250. Use Lagrange Multiplier's to write the system of equations you would use to find the number of units of capital and labor that maximize production

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