Question
A Cobb-Douglas production function for new company is given by
f(x,y) 50x
2
5 y
3
5
where x represents the units of labor and y represents the units of capital. Suppose units
of Labor and capital cost $100 and $200 each respectively. If the budget constraint is
$30,000, find the maximum production level for this manufacture
f(x,y) 50x
2
5 y
3
5
where x represents the units of labor and y represents the units of capital. Suppose units
of Labor and capital cost $100 and $200 each respectively. If the budget constraint is
$30,000, find the maximum production level for this manufacture