Answer to Question #349817 in Microeconomics for Axis

Question #349817

A firm's production function is described by the following equation 𝑸=𝟏𝟎,πŸŽπŸŽπŸŽπ‘³βˆ’πŸ‘π‘³ 𝟐 where L stands for the labor units. (20 points).


a) Draw a graph for this equation. Use the quantity produced on the y-axis and the labor units on the x-axis.


b) What is the maximum production level?


c) How many units of labor are needed at that point?Β 


1
Expert's answer
2022-06-10T18:32:55-0400

"Q=10000L-3L^2,"

"Q'=10000-6L,"

"Q'=0,"

"L=1667,"

"Q=8333333."


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