The production function for a company is , where P is the amount produced given x units of labor and y units of equipment. Each unit of labor costs $1200 and each unit of equipment costs $350. Assuming the goal of the company is to maximize production given a fixed budget of $45,000, what are the objective and constraint functions?
A) objective: ; constraint:
B) objective: ; constraint:
C) objective: ; constraint:
D) objective: ; constraint:
Correct Answer:
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