3. Suppose that daily output is the following function of labor: Q = 100L /2. Graph...
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3. Suppose that daily output is the following function of labor: Q = 100L /2. Graph this function with Q on the vertical axis and L on the horizontal axis. Now, suppose that L must not exceed 6. Graph this constraint. Suppose that an agent wishes to maximize his/her output subject to the constraint that labor cannot exceed 6. State the constrained maximization problem algebraically. Can you see from your graph where the agent would choose to produce? 3. Suppose that daily output is the following function of labor: Q = 100L /2. Graph this function with Q on the vertical axis and L on the horizontal axis. Now, suppose that L must not exceed 6. Graph this constraint. Suppose that an agent wishes to maximize his/her output subject to the constraint that labor cannot exceed 6. State the constrained maximization problem algebraically. Can you see from your graph where the agent would choose to produce?
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