A restaurant owner has the following short-run production, Ask an Expert

Economics

A restaurant owner has the following short-run production function:

Q=30L + 2L² where Q=number of meals served per day, and L=number of workers.

a. Draw a table showing total, marginal and average product up to an input of ten workers, and plot these on a graph.

b. Show the range of labour where stages I, II and III of production occur.

c. If workers can be hired for $40 per day and the average meal is $6, how many workers should be hired?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91519657

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