Question: The production function tor a banana seller is given by the expression below (the only lactor r. production is labour L) Wages for banana packers

The production function tor a banana seller is given by the expression below (the only lactor r. production is labour L) Wages for banana packers are equal to $6 and the price of bananas is 32 Production function: Q (L) = 15L 0.25L2 Use this information to answer the following questions. Questions 4.1 Write down an expression for the marginal product of labour (MPL) ['I mark] 4.2 Write down an expression for the value of marginal product of labour (WPL) [1 mark] 4.3 How many workers should the banana seller hire if it wants to maximise prots? What will be the quantity of output? [2 marks] 4.4. Assume there are no fixed costs. Calculate the total revenue. the banana seller is maximising prots. [3 marks] the total cost. and the profit it affect the wages. MPL and VMPL of 4.5 Explain how an increase In the price of bananas would iy/dernand framework. [3 marks] banana pickers. Your answer should refer to the labour supp Clearly label each of your answers in the text box below

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