Create schedule showing total product-average product


George, 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

Where Q = number of car washes per hour and L = number of workers.

a) Generate a schedule showing total product, average product and marginal product.

b) The price of a basic car wash is $50. How many workers should he hire if each worker is paid $60/hour?

c) He is considering hiring students on a part-time basis for $40/hour, do you think he should do so? Explain.

Request for Solution File

Ask an Expert for Answer!!
Microeconomics: Create schedule showing total product-average product
Reference No:- TGS064071

Expected delivery within 24 Hours