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Answer to "Profit Maximization" problem

The owner of the car wash believes that the relationship between the number of cars washed and labor input is Q = -0.8 + 4.5L - 0.3L2, 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 the hourly wage rate for each person employed is $4.5. Assume that other costs are negligible.

A. How many people should be employed to maximize profit?

B. What will be the firms hourly profit?

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M925331

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