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  3. a production model predicts that the total output

A Production Model predicts that the total output T is given in terms of the amounts...

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Basic Math

A Production Model predicts that the total output T is given interms of the amounts of labor x and capital investment y accordingto the formula:
T = x p y q
for some constants p , q > 0 . Subject to a costconstraint:
a x + b y = 1 ,
what x and y give the most total output T? What is the mostoutput?

Answer & Explanation Solved by verified expert
4.2 Ratings (822 Votes)
We have used the lagrange Multiplier Method    See Answer
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