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Complete Question
The daily output at a plant manufacturing chairs is approximated by the function
[tex]f(L,K) = 45\sqrt[3]{K}L^3^/^5[/tex] chairs
where L is the size of the labor force measured in hundreds
of worker-hours and K is the daily capital investment in thousands of dollars. If the plant manager has a daily budget of $13,000 and the average wage of an employee is $9.00 per hour, what combination of worker-hours (to the nearest hundred) and capital expenditures (to the nearest thousand) will yield maximum daily production?
a)200 worker-hours and $9000 in capital expenditure
b)1100 worker-hours and $3000 in capital expenditure
c)500 worker-hours and $8000 in capital expenditure
d)900 worker-hours and $5000 in capital expenditure
e)600 worker-hours and $6000 in capital expenditure
f)300 worker-hours and $10,000 in capital expenditure
Answer:
d)900 worker-hours and $5000 in capital expenditure
Step-by-step explanation:
From the question we are told that
Daily output at a plant manufacturing chairs is approximated by the function [tex]f(L,K) = 45\sqrt[3]{K}L^3^/^5[/tex]
Daily budget of $13,000
Average wage of an employee is $9.00 per hour
a) Generally the function [tex]f(L,K) = 45\sqrt[3]{K}L^3^/^5[/tex] can be use to for (a)
Mathematically solving with L=200 K=9000
[tex]f(L=200,K=9000) = (45\sqrt[3]{9000})200^3^/^5[/tex]
[tex]f(L=200,K=9000) = 45*20.8*24[/tex]
[tex]f(L=200,K=9000) = 22464[/tex]
b)Generally the function [tex]f(L,K) = 45\sqrt[3]{K}L^3^/^5[/tex] can be use to for (b)
Mathematically solving with L=1100 K=3000
[tex]f(L=1100,K=3000) = (45\sqrt[3]{3000})1100^3^/^5[/tex]
[tex]f(L=1100,K=3000) = 45*14.4*66.8[/tex]
[tex]f(L=1100,K=3000) = 43286.4[/tex]
c)Generally the function [tex]f(L,K) = 45\sqrt[3]{K}L^3^/^5[/tex] can be use to find (c)
Mathematically solving with L=500 K=8000
[tex]f(L=500,K=8000) = (45*\sqrt[3]{8000})*500^3^/^5[/tex]
[tex]f(L=500,K=8000) = 45*20*41.63[/tex]
[tex]f(L=500,K=8000) =37467[/tex]
d)Generally the function [tex]f(L,K) = 45\sqrt[3]{K}L^3^/^5[/tex] can be use to find (d)
Mathematically solving with L=900 K=5000
[tex]f(L=900,K=5000) = (45*\sqrt[3]{5000})*900^3^/^5[/tex]
[tex]f(L=900,K=5000) = 45*17.09*59.2[/tex]
[tex]f(L=900,K=5000) =45577.88[/tex]
e)Generally the function [tex]f(L,K) = 45\sqrt[3]{K}L^3^/^5[/tex] can be use to find (e)
Mathematically solving with L=600 K=6000
[tex]f(L=600,K=6000) = (45\sqrt[3]{6000})600^3^/^5[/tex]
[tex]f(L=600,K=6000) = 45*18.17*46.4[/tex]
[tex]f(L=600,K=6000) =37974[/tex]
f)Generally the function [tex]f(L,K) = 45\sqrt[3]{K}L^3^/^5[/tex] can be use to find (e)
Mathematically solving with L=600 K=6000
[tex]f(L=300,K=10,000) = (45*\sqrt[3]{10,000})*300^3^/^5[/tex]
[tex]f(L=300,K=10,000) = 45*21.5*30.6[/tex]
[tex]f(L=300,K=10,000) = 29704.2[/tex]
Therefore the function f shows maximum at L=900 K=5000
Giving the correct answer to be
d)900 worker-hours and $5000 in capital expenditure
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