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A company that produces tortillas hires you as a consultant for their production decisions.
a. The firm has the following production function for their 8-inch corn tortillas for one factory, where the wage per hour is $8.50 and each tortilla sells for a price of $1:
Q= 35.5L-L2/55
How much labor should the firm employ in this factory per hour?
b. What is the output? How much profit do they earn at this output? (Assume labor is the only cost.)
c. Imagine that the air conditioner in the factory breaks and this makes workers less productive. Specifically, their productivity declines by 10%. What is the effect on output?
d. The manager of the tortilla company wonders what can be done to make up for this. Your colleague, Mary Clare, suggests increasing wages by $1/hour. Is she correct, and why?
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