The production function P(K, L) gives the number ofpairs of skis produced per week at a
Chapter 15, Problem 36(choose chapter or problem)
The production function P(K, L) gives the number ofpairs of skis produced per week at a factory operatingwith K units of capital and L units of labor. The contourdiagram for P is in Figure 15.34; the parallel lines arebudget constraints for budgets, B, in dollars.(a) On each budget constraint, mark the point that givesthe maximum production.(b) Complete the table, where the budget, B, is in dollarsand the maximum production is the number ofpairs of skis to be produced each week.(c) Estimate the Lagrange multiplier = dM/dB at abudget of $6000. Give units for the multiplier.
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