Question #349817

A firm's production function is described by the following equation πΈ=ππ,ππππ³βππ³ π 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

Expert's answer

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

"Q'=10000-6L,"

"Q'=0,"

"L=1667,"

"Q=8333333."

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