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Question: The Cobb-Douglas production function for a particular product is N(x,y) = 60x^0.8y^0.2, where x is the number of units of labor and y is the number of units of capital required to produce N(x,y) units of the product. Each unit of labor costs $80 and each unit of capital costs $120. If $600,000 is budgeted for production of the? product, determine how that amount should be allocated to maximize production.

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Management Theories, Management Studies

Category:- Management Theories
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