Production The production function for a company is given byfx, y 100x0.25y0.75 where is
Chapter 7, Problem 41(choose chapter or problem)
Production The production function for a company is given byfx, y 100x0.25y0.75 where is the number of units of labor and y is the number of units of capital. Suppose that labor costs $48 per unit and capital costs $36 per unit. The total cost of labor and capital is limited to $100,000. (a) Find the maximum production level for this manufacturer. (b) Find the marginal productivity of money. (c) Use the marginal productivity of money to find the maximum number of units that can be produced if $125,000 is available for labor and capital.
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