A used car dealership can hire both college graduates and non-college graduates. The average number of...
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A used car dealership can hire both college graduates and non-college graduates. The average number of cars it sells per hour is equal to q = 8- 8*exp(-0.035c-0.016n - 1.93), where q is the number of cars sold, c is the number of college graduates working during one hour, and n is the number of non-college graduates working during one hour. The dealership pays college graduates $27/hour and non-college graduates $13/hour. The dealership wishes to maximize its average profit during an hour. We assume that each car is sold for $24,000, and the variable cost (without considering the cost of labor) is $23,000 per car. If the dealership employs n = 13 non-college graduates each hour, how many college graduates should the dealership employ during one hour? Your answer can be a decimal to represent that an individual can work for a fraction of an hour." A used car dealership can hire both college graduates and non-college graduates. The average number of cars it sells per hour is equal to q = 8- 8*exp(-0.035c-0.016n - 1.93), where q is the number of cars sold, c is the number of college graduates working during one hour, and n is the number of non-college graduates working during one hour. The dealership pays college graduates $27/hour and non-college graduates $13/hour. The dealership wishes to maximize its average profit during an hour. We assume that each car is sold for $24,000, and the variable cost (without considering the cost of labor) is $23,000 per car. If the dealership employs n = 13 non-college graduates each hour, how many college graduates should the dealership employ during one hour? Your answer can be a decimal to represent that an individual can work for a fraction of an hour."
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Microeconomics Principles, Problems and Policies
ISBN: 978-1259450242
20th edition
Authors: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn
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