To solve this problem, we need to use the Cobb-Douglas production function provided:

$P(L, K) = 20L^{0.4}K^{0.6}$

where:

• $L = 16$ (units of labor)
• $K = 15$ (units of capital)

Substitute these values into the function to calculate the production:

$P(16, 15) = 20 \cdot (16)^{0.4} \cdot (15)^{0.6}$

Now, we calculate each part:

1. Calculate $16^{0.4}$: $16^{0.4} \approx 2.2974$

2. Calculate $15^{0.6}$: $15^{0.6} \approx 4.6205$

3. Multiply these results by 20: $P(16, 15) = 20 \cdot 2.2974 \cdot 4.6205$

4. Final calculation: $P(16, 15) \approx 20 \cdot 10.6155 = 212.310$

So, the total units of production, rounded to three decimal places, is:

$\text{Production} = 212.310 \text{ units}$

Would you like further details on this calculation, or do you have any questions?

Here are five additional questions that might interest you:

1. How does the Cobb-Douglas production function apply in real-world economic scenarios?
2. What happens to production if we double both labor and capital?
3. How sensitive is this function to changes in the parameters $L$ and $K$?
4. Can the production function be applied to other types of inputs?
5. What is the significance of the exponents $0.4$ and $0.6$ in the production function?

Tip: In a Cobb-Douglas function, the exponents represent the elasticity of output concerning each input, showing how much each input contributes to production.