Consider the Labor Economics Question. This will provide insight into the idea of the optimal number of workers and the value of the marginal product of labor. If wages in the restaurant is $16.80 per hour and the price of a Hamburger is $8.30 and the production function for the workers is: Q = 11L – 0.25L2 How many workers should Your Restaurant employ during the lunch hour to maximize profits? 1 Point (note—the value of the marginal product of labor and the marginal revenue product are the same) We maximize profits which are total revenues less total costs:
Consider the Labor Economics Question. This will provide insight into the idea of the optimal number of workers and the value of the marginal product of labor. If wages in the restaurant is $16.80 per hour and the price of a Hamburger is $8.30 and the production function for the workers is: Q = 11L – 0.25L2 How many workers should Your Restaurant employ during the lunch hour to maximize profits? 1 Point (note—the value of the marginal product of labor and the marginal revenue product are the same) We maximize profits which are total revenues less total costs:
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Consider the
If wages in the restaurant is $16.80 per hour and the price of a Hamburger is $8.30 and the production function for the workers is:
Q = 11L – 0.25L2
- How many workers should Your Restaurant employ during the lunch hour to maximize profits? 1 Point
(note—the value of the marginal product of labor and the marginal revenue product are the same)
We maximize profits which are total revenues less total costs:
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