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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Using simple interest, it is found that:
- The total amount paid was of $7,084.8.
- The finance charge was of $584.8.
- The simple interest rate was of 3%.
Simple interest is used when there is a single compounding per time period.
The amount of interest after t years in is modeled by:
In which:
- P is the initial amount.
- r is the interest rate, as a decimal.
In this problem, the amount paid was of 36 monthly payments of
$196.80, hence:
36 x 196.80 = $7084.8.
The total amount paid was of $7,084.8.
The original price is of $6,500, hence the finance charge was of:
7084.8 - 6500 = $584.8.
For interest, we have that:
, hence:
The simple interest rate was of 3%.
More can be learned about simple interest at brainly.com/question/25296782
Answer:
3.5 square cm
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