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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Answer:
The equation in the slope-intercept form will be:
y = 1/4x - 7
Step-by-step explanation:
Given the points
- (-4.-8)
- (-8, -9)
We know that the slope-intercept of line equation is
where m is the slope and b is the y-intercept
substituting m = 1/4 and the point (-4, -8) to find the y-intercept 'b'
y = mx+b
-8 = 1/4(-4)+b
-8 = -1 + b
b = -8+1
b = -7
so the y-intercept = b = -7
substituting m = 1/4 and b = -7 in the slope-intercept form of line equation
y = mx+b
y = 1/4x + (-7)
y = 1/4x - 7
Thus, the the equation in slope-intercept form will be:
y = 1/4x - 7