Let S represent the amount of steel produced (in tons). Steel production is related to the amount of labor used (L) and the amou
nt of capital used (C) by the following function: S = 20 L0.30 C 0.70 In this formula L represents the units of labor input and 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 much labor and capital are needed in order to produce 50,000 tons of steel at minimum cost.b) Solve the optimization problem you formulated in part a.
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There is no difficulty in this problem until you construct the figures. How can we do it is shown in the attached picture. After drawing PRST, from the point P, we can draw PMKD and later we can complete PMCT as a result. From this picture, we can see that the side of PMCT is also a. Then, the area of this square is 
