Question: The Cobb-Douglas production function for a particular product is N(x,y) = 60x0.8y0.2, where x is the number of units of labor and y is the number of units of capital required to produce N(x,y) units of the product. Each unit of labor costs $80 and each unit of capital costs $120. If $600,000 is budgeted for production of the? product, determine how that amount should be allocated to maximize production.