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Determine the number of units of labor

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Reference no: EM131580268

Question: Production is modeled by the Cobb Douglas production function

f(x, y) = 200x2/3y1/3,

where x represents the number of units of labor, and y the number of units of capital. If each unit of labor costs $500 and each unit of capital $200, and the amount allocated to labor and capital is $300,000, use Lagrange multipliers to determine the number of units of labor and capital which maximizes the level of production.

Reference no: EM131580268

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