i am not a math major nor an engineering graduate but somehow our economics instructor asked this problem and i really don't know what to do.
2. The Miller Company uses skilled and unskilled labor to do a particular construction project. The cost of doing the project depends on the number of hours of skilled labor and the number of hours of unskilled labor that are used, the relationship being: C = 4 -3X1 – 4X2 + 2X12 + 3X22+ X1X2, where C is cost (in thousands of dollars) , X1 is the number of hours (in thousands) of skilled labor and X2 is the number of hours (in thousands) of unskilled labor.
a) Find the number of hours of skilled labor and the number of hours of unskilled labor that will minimize the cost of doing the project.
b) If the Miller Company has to purchase a license costing $2,000 to do this project (and if the cost of this license is not included in C), will this alter the answer to part a? If so, how will the answer change?
thank you for the help
2. The Miller Company uses skilled and unskilled labor to do a particular construction project. The cost of doing the project depends on the number of hours of skilled labor and the number of hours of unskilled labor that are used, the relationship being: C = 4 -3X1 – 4X2 + 2X12 + 3X22+ X1X2, where C is cost (in thousands of dollars) , X1 is the number of hours (in thousands) of skilled labor and X2 is the number of hours (in thousands) of unskilled labor.
a) Find the number of hours of skilled labor and the number of hours of unskilled labor that will minimize the cost of doing the project.
b) If the Miller Company has to purchase a license costing $2,000 to do this project (and if the cost of this license is not included in C), will this alter the answer to part a? If so, how will the answer change?
thank you for the help
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