Question

Find the minimum cost of producing 90000 units of a product, where x is the number of units of labor, at $64 per unit, and y is the number of units of capital expended, at $16 per unit. And determine how many units of labor and how many units of capital a company should use. Where the production level is given by... P(x,y)

Answer 1

X = 608.11 UNITS OF LABOUR

Y = 1621.62 UNITS OF CAPITAL

THE MINIMUM COST IS $64,864.96

Explanation:

The complete question is as follows;

Find the minimum cost of producing 90000 units of a product, where x is the number of units of labor, at $64 per unit, and y is the number of units of capital expended, at $16 per unit. And determine how many units of labor and how many units of capital a company should use. Where the production level is given by... P(x,y)== 100x^0·6y^0.4 (Round your answers to 2 decimal places.) units of labor

PLEASE CHECK ATTACHMENT FOR SOLUTION AND STEP BY STEP EXPLANATION