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A restaurant owner has the following short-run production function:
Q=30L + 2L² where Q=number of meals served per day, and L=number of workers.
a. Draw a table showing total, marginal and average product up to an input of ten workers, and plot these on a graph.
b. Show the range of labour where stages I, II and III of production occur.
c. If workers can be hired for $40 per day and the average meal is $6, how many workers should be hired?
Assuming that the marginal product of labor is constant between 10 also 11 workers also the marginal product of capital is constant between 3 also 4 machines.
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choose a product or a product line that comes from a small to medium sized company that may or may not already be
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You are a newspaper publisher. You are in the middle of a one-year rental contract for your factory that requires you to pay $500,000 per month, and you have contractual labor obligations of $1 million per month that you can’t get out of. You also ha..
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