Question: Chapter 14 Quiz #2 2. (-/1 Points] DETAILS MY NOTES ASK YOUR TEACHER Let S represent the amount of steel produced (in tons). Steel production

Chapter 14 Quiz #2

Chapter 14 Quiz #2 2. (-/1 Points] DETAILS MY

2. (-/1 Points] DETAILS MY NOTES ASK YOUR TEACHER Let S represent the amount of steel produced (in tons). Steel production is related to the amount of labor used (L) and the amount of capital used (C) by the following function. S = 2020.300.70 In this formula L represents the units of labor input and the units of capital input. Each unit of labor costs $50, and each unit of capital costs $100. (a) Formulate an optimization problem that will determine how much labor and capital are needed in order produce 45,000 tons of steel at minimum cost. Min s.t. = 45,000 LCO (b) Solve the optimization problem you formulated in part (a). (Hint: When using Excel Solver, start with an initial L> 0 and C > 0. Round your answers to the nearest integer.) $ at (L, C)- Submit

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