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Let S represent the amount of steel produced (in tons). Steel production is related to the...

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Advance Math

Let S represent the amount of steel produced (in tons).Steel production is related to the amount of labor used(L) and the amount of capital used (C) by thefollowing function:

    S = 20L0.3C 0.7

In this formula L represents the units of labor inputand C the units of capital input. Each unit of labor costs$50, and each unit of capital costs $100.

(a)Formulate an optimization problem that will determine how muchlabor and capital are needed in order to produce 50,000 tons ofsteel at minimum cost.
MinL+C
L0.3C 0.7- Select your answer -??<>=Item 4
L, C- Select your answer -??<>=Item 6
(b)Solve the optimization problem you formulated in part a. Hint:When using Excel Solver, start with an initial L > 0and C > 0.
If required, round your answers to two decimal places.
L = $
C = $
Cost = $

Answer & Explanation Solved by verified expert
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