User Account

All Pages

Relationship between the number of cars

Assignment Help Microeconomics
Reference no: EM13893772

The owner of the car wash believes that the relationship between the number of cars washed and labor input is Q = -0.8 + 4.5L - 0.3L2, where Q is the number of cars washed per hour, and L is the number of people employed per hour. The firm receives $5 for each car washed, and the hourly wage rate for each person employed is $4.5. Assume that other costs are negligible.

A. How many people should be employed to maximize profit?

B. What will be the firms hourly profit?

Reference no: EM13893772

Questions Cloud

Identify one organizational stress management method : Read several studies on primary prevention, secondary prevention, and tertiary prevention of stress and write a paper comparing them.
Explain how a hydrostatic skeleton helps an animal keep : Describe how radiometric dating and the relative position of a fossil within a rock strata are used to determine the age of rocks and thus the age of the fossil.
Supply chain risks and associated mitigation strategy : How it manages to establish close coordination across the globe and how internalises markets through transfer pricing mechanisms and discounted cash flows.
How does using data-based evidence help hr practitioners : How does using data-based evidence help HR practitioners in organizational decision making?
Relationship between the number of cars : The owner of the car wash believes that the relationship between the number of cars washed and labor input is Q = -0.8 + 4.5L - 0.3L2, where Q is the number of cars washed per hour, and L is the number of people employed per hour. The firm receive..
Operating system that provides semaphores : Assume that you have an operating system that provides semaphores. Implement a message system. Write the procedures for sending and receiving messages
Evolution be left out of curriculum at public school level : Should creationism and evolution be left out of curriculum at the public school level. Even though we have had issues in the past when linking them to religious beliefs should we still discuss the topic and remain open minded or keep it out of our..
What specific physical and emotional challenges : What specific physical and emotional challenges
The following describe several different business : The following describe several different business organizations.

Reviews

Write a Review

Microeconomics Questions & Answers

  Explain how the problems are interconnected.

Among the problems that hinder growth in developing economies are poor infrastructure, lack of financial institutions and a sound money supply, a low saving rate, poor capital base, and lack of foreign exchange. Explain how these problems are inte..

  Determine gdp,ndp,gnp,nnp,ni,pi and di

Determine GDP,NDP,GNP,NNP,NI,PI,DI,S. Comment on savings magnitude that you have determined.

  A study on the effects of pcb

a study on the effects of PCB

  How planned investment exceeds planned saving

If the economy is in equilibrium and suddenly the level of planned investment increases by $2 billion, national income will increase by, In the Keynesian income-expenditure graph, total savings at each level of national income is indicated by

  What do you mean by budget deficit explain how are budget

what do you mean by budget deficit? explain how are budget deficits financed? why do keynesians believe that budget

  Analysis of variance

A group of participants were given a large number of products to evaluate. The products are formed by fully crossing all the levels of relevant attributes.The participants’ task is to evaluate each product on an overall liking score.

  The chief decides to require a fishing license for reef

The chief decides to require a fishing license for reef 1 which would require each fisher who fishes there to pay the chief  x fish. Find the Nash equilibrium of the resulting location choice game between the fishers. IS there a value of x such that ..

  The as curve does not explain the same type of relationship

the as curve does not describe the same kind of relationship between price and quantity as a microeconomic supply

  Calculate the after tax cash flow for four years

An automobile manufacturing company is considering buying special handling devices for food and beverage manufacture. The new tool has a purchase price of $50,000 and zero salvage value. It is expected that the new tooling would generate annual benef..

  Is there a surplus of a shortage in the market

A local golf course is considering lowering its fees in order to increase the revenue coming in. Under what conditions is the fee reduction going to achieve its goal?

  Uses to resources to produce two goods

Suppose an economy uses to resources to produce two goods (wheat and cloth). Capital is relatively more useful in producing wheat. If the supply of capital falls by 10 percent an the supply of labor increases by 10 percent, how will the pff for wheat..

  What ways does economics class relates to the real world

In what ways does economics class relates to the real world? How does knowledge gained from economics teaching been valuable in helping somone understand or evaluate events or policies?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd