Ask Question, Ask an Expert


Ask Business Economics Expert

Economics Production Schedule

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, with the corresponding marginal product of labor equation, MPL = 6 - L.

a. Generate a schedule showing total product, average product of labor, and marginal product of labor using a range of labor inputs 0 to 6.

b. Plot the production function and the APL and MPL on two graphs.

c. Suppose the price of a basic car wash is $5. How many people should be hired if each worker is paid $6 per hour?

d. If the owner can hire students on a part-time basis for $4 per hour, should he hire assuming he/she keeps the other workers and continues to pay them $5 per hour?


Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M924170

Have any Question? 

Related Questions in Business Economics

American tire and rubber company sells identical radial

American Tire and Rubber Company sells identical radial tires through two channels 1) sell under the firm’s own brand name; 2) sell to discount stores for private labeling. Marginal Cost is a constant $10 per tire, regar ...

Java a billing program that adds up the items a user enters

Java a billing program that adds up the items a user enters. A simple loop and nested if statement program that should use a loop and prompt the user for the item number for each item in inventory to add to the bill. (On ...

International monetary fund imf quotas refer toa the amount

International Monetary Fund? (IMF) "quotas" refer to A. the amount of foreign exchange reserves that each member country is obligated to hold at its central bank. B. the fixed amount of borrowing that each country is all ...

Question consider the following inventory problem you are

Question: Consider the following inventory problem. You are running a store that sells trucks. Letd i denote the number of trucks you expect to sell in monthi, i = 1, ... , n.Your store can only storeStrucks and it costs ...

You own a building that has possible uses an iternet cage a

You own a building that has possible uses: an Iternet cage, a coffee shop, an ice cream store, and a bookstore. The value of the building in each use is $2,000; $3,000; $4,000; and $5,000, respectively. You decide to ope ...

1 alapplications fall into two broad categories virtual

1) Alapplications fall into two broad categories virtual reality and medical diagnosis 2) Neural networks are patterned after computer networks, with one computer connected to another 3) The two broad categories of Al ap ...

Consider albert einsteins quote sometimes one pays the most

Consider Albert Einstein's quote, "Sometimes one pays the most for things one gets for nothing," and the Russian proverb, "The only place to find free cheese is in a mousetrap." Do you agree with these statements? Why or ...

During the year belyk paving co had sales of 2381000 cost

During the year, Belyk Paving Co. had sales of $2,381,000. Cost of goods sold, administrative and selling expenses, and depreciation expense were $1,444,000, $436,900, and $491,900, respectively. In addition, the company ...

Concisely describe a strategically appropriate investment

Concisely describe a strategically appropriate investment project that World Vision International Humanitarian aid organization might be evaluating—something that you think would make sense for that organization in its c ...

Suppose that demand is d 10-2p where p is price a evaluate

Suppose that Demand is D = 10-2P, where P is price. (a) Evaluate the elasticity of demand at P = 2. (b) Evaluate the elasticity of Demand at P = 3. (c) Write the marginal revenue, evaluated at these two prices.

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate