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This will provide insight into the idea of the optimal number of workers and the value of the marginal product of labor.
If wages in the restaurant is $11.00 per hour and the price of a Hamburger is $4.40 and the production function for the workers is:
Q = 5L - 0.5L2
a. How many workers should Your Restaurant employ during the lunch hour to maximize profits?
(note-the value of the marginal product of labor and the marginal revenue product are the same)
We maximize profits which are total revenues less total costs:
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