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

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

P = 30x^0.5y^0.5

where P is the number of automobiles it produces per year, x is the number of employees, and y is the daily operating budget (in dollars). Assume that you maintain a constant work force of 120workers and wish to increase production in order to meet a demand that is increasing by 60 automobiles per year. The current demand is 800 automobiles per year. How fast should your daily operating budget be increasing? HINT [See Example 4.] (Round your answer to the nearest cent.)

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milcah answered 2 years ago

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