Problem 8-03 (Algorithmic) 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 by the following function: 5 - 350 40 60 in this formulat represents the units of labor input and C the units of capital input. Each unit of labor costs $150, and each unit of capital costs $200 a. Formulate an optimization problem that will determine how much labor and capital are needed in order to produce 60,000 tons of steel at minimum cost. If the constant is it must be entered in the box: If your answer is zero, enter "o". Min s.t. LC b. Solve the optimization problem you formulated in part (a). Hint: Use the Multistart option as described in Appendix 8.1. Add tower and wer bound constraints of O and 5000 for both L and C before solving. Round your answers for L and C to three decimal places. Round your answer for optimal solution to one decimal place. and C- for an optimal solution of