Find the maximum number of watches that can be produced on a budget of $20,000 if labor costs $100 per unit and capital costs $200 per unit.
Here is the function P(x) = 50(x^0.4)(y^0.6), where x is labor and y is capital. I think I need to do partial derivatives since its a calculus class.
For the partial derivative with respect to x I got : (20y^0.6)/(x^0.6)
For the partial derivative with respect to y I got: (30x^0.4)/(y^0.4)
For the partial derivative with respect to xy I got :
No comments:
Post a Comment