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Economics

Find out maximum profit and number of employee .

The owner of the Hughes Car Wash believes that the relationship between number of car washed and labor input is:

Q = -0.8 + 4.5L - 0.3L^2

Where Q is the number of cars washed per hour and L is the number of people employed per hour. The firm receives $5 for each car washed, and hourly wage rate for each person employed is $4.50. The cost of other inputs like water it trivial, hence they are ignored.

a) describe how many people should be employed to maximize profit?

b) Ilustrate what will be the firm's hourly profit?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M919716

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