economics
posted by Soanz .
show working production function: q = 6l – 0.5l2 where q = number of car washes per hour and l = number of workers. a) generate a schedule showing total product, average product and marginal product. (5 marks) b) the price of a basic car wash is $50. how many workers should he hire if each worker is paid $60/hour? (3 marks) c) he is considering hiring students on a part–time basis for $40/hour, do you think he should do so? explain. (2 marks)
Respond to this Question
Similar Questions

Product curves
If the short run total product curve is a linear function of the variable input over some range of values. Describe the shape of the marginal product and average product functions. I am guessing that the marginal product is constant, … 
Managerial Economics
I'm not sure I have the formulas correct for this problem and I do not know what the labor hours are.... Dimex Company, a sheetmetal mfg., estimates its long run production function is: 3 3 2 2 Q = 0.015625K L + 10K L where Q is … 
Microeconomics: Cost of Production
Please help me with this question! QUESTION: Heaven Sub, a subway shop, has the following marginal product curve points for its hourly product: (0.5, 13) (1.5, 17) (2.5, 15) (3.5, 11) (4.5, 9) i) When labour increases from 2 to 3 workers, … 
Economics
Economics Production Schedule The owner of a car wash is trying to decide on the number of people to employ based on the following shortrun production function: Q = 6L  0.5L2, with the corresponding marginal product of labor equation, … 
Economics
Suppose the total output curve increases at an increasing rate for workers 1 to 50, increases at a decreasing rate from workers 51 to 101, and decreases beyond 101 workers. You would know that Choose one answer. a. marginal product … 
Managerial Economics
George, the owner of a car wash is trying to decide on the number of people to employ based on the following short–run production function: Q = 6L – 0.5L2 Where Q = number of car washes per hour and L = number of workers. a) Generate … 
Math Calculus
Economists use production functions to describe how output of a system varies with another variable such as labour or capital. For example, the production function P(L) = 200L + 10L^2  L^3 goves the output of a system as a function … 
Economics
Consider the production function Q= 20K^(1/2)L^(1/2). The firm operates in the short run with 16 units of capital. a. The firm's shortrun production function is Q=? 
Microeconomics
Use the following chart to answer question 2 Number of Workers Total Product Marginal Product 0 0  1 10 10 2 10 3 28 4 34 5 5 6 42 2. Refer to the above data. The marginal product of the third worker: A) is 6. B) is 7. C) is 8. D) … 
Economics
Consider the following simplified economy described by a CobbDouglas production function with three factors of production: “K” is physical capital (the number of machines), “L” is labor (the number of workers), and “H” …