The number of oil changes per hour at Quick Lube is described by the following short-term production function: Q=10L−0.5L2 If oil changes (Q) sell for $20 each and labor (L) costs $40 per hour (wage), what is the optimal number of units of labor to hire per hour? How many oil changes will be completed?
The number of oil changes per hour at Quick Lube is described by the following short-term production function: Q=10L−0.5L2 If oil changes (Q) sell for $20 each and labor (L) costs $40 per hour (wage), what is the optimal number of units of labor to hire per hour? How many oil changes will be completed?
Algebra for College Students
10th Edition
ISBN:9781285195780
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter12: Algebra Of Matrices
Section12.CR: Review Problem Set
Problem 37CR
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The number of oil changes per hour at Quick Lube is described by the following short-term production function:
Q=10L−0.5L2
If oil changes (Q) sell for $20 each and labor (L) costs $40 per hour (wage), what is the optimal number of units of labor to hire per hour? How many oil changes will be completed?
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