(4 pts) The number of oil changes per hour at Quick Lube is describe by the...
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(4 pts) The number of oil changes per hour at Quick Lube is describe by the following short-term production function: Q=12L-0.5L2. Q is the number of oil changes per hour. L is the number of units of labor. If oil changes sell for $20 each and labor cost $40 per hour (that is, wage = $40), what is the optimal number of units of labor to hire per hour? How many oil changes will be completed? (Partial units of either variable are OK.) Enter each of the numerical answers and show your work in the box below. Solve for L: (4 pts) The number of oil changes per hour at Quick Lube is describe by the following short-term production function: Q=12L-0.5L2. Q is the number of oil changes per hour. L is the number of units of labor. If oil changes sell for $20 each and labor cost $40 per hour (that is, wage = $40), what is the optimal number of units of labor to hire per hour? How many oil changes will be completed? (Partial units of either variable are OK.) Enter each of the numerical answers and show your work in the box below. Solve for L:
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