Business: maximizing production. A computer company has the following Cobb-Douglas production function for a certain product: p ( x , y ) = 800 x 3 / 4 y 1 / 4 , Where x is labor and y is capital, both measured in dollars. Suppose the company can make a total investment in labor and capital of $1,000,000. How should it allocate the investment between labor and capital in order to maximize production?
Business: maximizing production. A computer company has the following Cobb-Douglas production function for a certain product: p ( x , y ) = 800 x 3 / 4 y 1 / 4 , Where x is labor and y is capital, both measured in dollars. Suppose the company can make a total investment in labor and capital of $1,000,000. How should it allocate the investment between labor and capital in order to maximize production?
Business: maximizing production. A computer company has the following Cobb-Douglas production function for a certain product:
p
(
x
,
y
)
=
800
x
3
/
4
y
1
/
4
,
Where x is labor and y is capital, both measured in dollars. Suppose the company can make a total investment in labor and capital of $1,000,000. How should it allocate the investment between labor and capital in order to maximize production?
Thomas' Calculus: Early Transcendentals (14th Edition)
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