Determine the number of units of labor and capital

Reference no: EM131182234

Assume the Cobb-Douglas production function

where x is the number of units of labor, and y is the number of units of capital. If each unit of labor costs $64, each unit of capital $3, and the production level of 80,000 units is to be achieved,

(a) determine the number of units of labor and capital that minimize the cost.

(b) Determine the minimum cost.

Reference no: EM131182234

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