Please answer correctly. Thanks A manufacturer has modeled its yearly production

Question

Please answer correctly. Thanks

A manufacturer has modeled its yearly production function P (the monetary value of its entire production in millions of dollars) as a Cobb-Douglas function P(L, K) = 1.47L0.65 k0.35 where L is the number of labor hours (in thousands) and K is the invested capital (in millions of dollars). Find P(140, 20) and interpret it. (Round your answers to one decimal place.) P(140, 20) = Your answer cannot be understood or graded. More Information, so when the manufacturer invests $ million in capital and thousand hours of labor are completed yearly, the monetary value of the production is about $ million.

Explanation / Answer

P(142,20) = 104.2

20 million in capital

140 thousand hours of labour

104.2 Million is THE MONETARY VALUE OF PRODUCTION

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