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The automobile assembly plant you manage has a Cobb-Douglas production function given by P = 30x0.5y0.5 where P is...

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Basic Math

The automobile assembly plant you manage has a Cobb-Douglasproduction function given by

P =30x0.5y0.5

where P is the number of automobiles it produces peryear, x is the number of employees, and y is thedaily operating budget (in dollars). Assume that you maintain aconstant work force of 120workers and wish to increase productionin order to meet a demand that is increasing by 60 automobiles peryear. The current demand is 800 automobiles per year. How fastshould your daily operating budget be increasing? HINT [See Example4.] (Round your answer to the nearest cent.)

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