Question: S = 2 0 L 0 . 3 0 C 0 . 7 0 In this formula L represents the units of labor input and

S=20L0.30C0.70
In this formula L represents the units of labor input and C 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 to produce 45,000 tons of steel at minimum cost.
min
s.t.
=45,000
L,C0
and upper bound constraints of 0 and 5,000 for both L and C before solving. (Round your answers to three decimal places.)
$
at(L,C)=(,)
 S=20L0.30C0.70 In this formula L represents the units of labor input

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