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Idea of the optimal number of workers

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Reference no: EM132240802

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:

Reference no: EM132240802

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