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# Problem 13-3Let S represent the amount of steel produced (In tons): Steel production related to the amount of labor used (L) and the amount of capital used (C) by t...

## Question

###### Problem 13-3Let S represent the amount of steel produced (In tons): Steel production related to the amount of labor used (L) and the amount of capital used (C) by the following function: 5 = 20 L0.30 C 0.70In thls formula represents the unlts of labor Input and the unlts of capltal Input: Each unit of labor costs \$50, and each unit of capital costs S100,(a) Formulate an optimization problem that will determine how much abor and capital are needed In order t0 produce 50,000 tons of steel at minim

Problem 13-3 Let S represent the amount of steel produced (In tons): Steel production related to the amount of labor used (L) and the amount of capital used (C) by the following function: 5 = 20 L0.30 C 0.70 In thls formula represents the unlts of labor Input and the unlts of capltal Input: Each unit of labor costs \$50, and each unit of capital costs S100, (a) Formulate an optimization problem that will determine how much abor and capital are needed In order t0 produce 50,000 tons of steel at minimum cost: Min 0.30 0.70 Select your answer L, â‚¬ Select your answer (b) Solve the optimlzation problem you formulated In part Hint: When using Excel Solver , start wlth an Inltlal If required round your answers to two decimal places_ and C > 0. L = C = Cost

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