The Cobb-Douglas Production Function for a Company Is Given by P(k,l)=

question 82

Essay

The Cobb-Douglas production function for a company is given by P(k,l)= 65

where P is the monthly production value when k is the number of units of capital and l is the number of units of labor.Suppose that capital costs $60 per unit,labor costs $140 per unit,and the total cost of capital and labor is limited to $70,000.Use Lagrange multipliers to write the system of equations you would use to find the number of units of capital and labor that maximize production.

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