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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 ~ 0.5L?
(4 pts) The number of oil changes per hour at Quick Lube is describe by the following short-term production function: Q = 12L ~ 0.5L? 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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