Question

Consider the Labor Economics Question. 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 - 0.5L2a. How many workers should Your Restaurant employ during the lunch hour to maximize profits? 1 Point(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:b. Compute the maximum profit at Your Restaurant (note—consider that profit involves Total Revenue and Total Costs). 1 Point

          Consider the Labor Economics Question.  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 - 0.5L2a. How many workers should Your Restaurant employ during the lunch hour to maximize profits?  1 Point(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:b. Compute the maximum profit at Your Restaurant (note—consider that profit involves Total Revenue and Total Costs).  1 Point

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