A rectangular parking area measuring 5000 ft squared is to be enclosed on three sides using chain-link fencing that costs $5.50 per foot. The fourth side will be a wooden fence that costs $7 per foot. What dimensions will minimize the total cost to enclose this area, and what is the minimum cost?

Dimensions: 75.3778 ft and 66.3325 ft

Minimum price: $1658.31

Step-by-step explanation:

Let's call the length of the parking area 'x', and the width 'y'.

Then, we can write the following equations:

-> Area of the park:

x * y = 5000

-> Price of the fences:

P = 2*x*5.5 + y*5.5 + y*7

P = 11*x + 12.5*y

From the first equation, we have that y = 5000/x

Using this value in the equation for P, we have:

P = 11*x + 12.5*5000/x = 11*x + 62500/x

To find the minimum of this function, we need to take its derivative and then make it equal to zero:

dP/dx = 11 - 62500/x^2 = 0

x^2 = 65000/11

x = 250/sqrt (11) = 75.3778 ft

This is the x value that gives the minimum cost.

Now, finding y and P, we have:

x*y = 5000

y = 5000/75.3778 = 66.3325

P = 11*x + 62500/x = $1658.31