Solve the Problem. -The Cobb-Douglas Production Function for a Steel Company Is Given

question 7

Multiple Choice

Solve the problem.
-The Cobb-Douglas production function for a steel company is given by f(x, y) = 78x0.3y0.7 where x is the utilization of labor and y is the utilization of capital. If the company uses 1500 units of labor and 2200 units of
Capital, how many units of steel will be produced? Round to the nearest whole unit.

• A) 5,405,400,000 units
• B) 656,640 units
• C) 54,054,000 units
• D) 152,974 units

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