Suppose we have a plot of land the production function, Business Economics

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Suppose we have a plot of land the production function

Suppose we have a plot of land. The production function relating labor L to output Q is given by Q = 20L - L^2 . Suppose the wage rate is $6 per worker per day. The price p of each unit of output is $1.

a. Under open access, how many workers are there? What is total output? What is the average output per worker?

b. Under private ownership, how many workers are there? What is total output? What is the average output per worker? c. Which allocation is efficient? Why?

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Business Economics: Suppose we have a plot of land the production function

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Business Economics: Suppose we have a plot of land the production function

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