J
justhrowit
I've been taking some econmics classes. Our teacher has showed us some
problems using solver to complete tables.
Wondering if anyone out there can help.
We have a company who uses units of labor (L) and material (m) to
produce a certain quantity of output (q). The price of labor is $1 per
unit of L and the price of materials is also $1 per unti of M.
The prduction function is Q=L(raised to 4th power)XM(raised to 6th
power)...sorry don't know how to type in exponents.
Anyway, we're basically given a table (spreadsheet) with Q as the first
column..labled 1 down to 9. Then column 2 is L, Column 3 is M, and then
the final column is Total Cost.
Basically, I'm trying to find the cost minimizing quantities of L and M
that should be used to produce each quantity of output. So far, I've
had little luck using calculus. How can this be done using solver?
Thanks in advance!
problems using solver to complete tables.
Wondering if anyone out there can help.
We have a company who uses units of labor (L) and material (m) to
produce a certain quantity of output (q). The price of labor is $1 per
unit of L and the price of materials is also $1 per unti of M.
The prduction function is Q=L(raised to 4th power)XM(raised to 6th
power)...sorry don't know how to type in exponents.
Anyway, we're basically given a table (spreadsheet) with Q as the first
column..labled 1 down to 9. Then column 2 is L, Column 3 is M, and then
the final column is Total Cost.
Basically, I'm trying to find the cost minimizing quantities of L and M
that should be used to produce each quantity of output. So far, I've
had little luck using calculus. How can this be done using solver?
Thanks in advance!