question archive A producer of kitchen tools has estimated the following short-run production function for their spatulas, which they produce in a plant using labor
A producer of kitchen tools has estimated the following short-run production function for their spatulas, which they produce in a plant using labor
Subject:BusinessPrice: Bought3
A producer of kitchen tools has estimated the following short-run production function for their spatulas, which they produce in a plant using labor. Labor, on average, costs the firm $15.50 an hour. The marginal revenue the firm receives from each shovel is $43.
Q= 6.7 + 8L -1.9L2
A. What is the optimal amount of labor-hours the firm should use?
B. At this level of labor, how many spatulas are produced?
