Question: The Cobb Douglas production function for a particular product is N x y 40x0 6 0 4 where x is the number of units of

The Cobb Douglas production function for a particular product is N

The Cobb Douglas production function for a particular product is N x y 40x0 6 0 4 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 produ Each unit of labor costs 80 and each unit of capital costs 120 Answer the questions A and B below GECCEN A If 600 000 is budgeted for production of the product determine how that amount should be allocated to maximize production and find the maximum production Production will be maximized when using units of labor and units of capital

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