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Making dresses is a labor-intensive process. Indeed, the production function of a dressmaking firm is well described by the equation Q = L - L-/(20*100),
Making dresses is a labor-intensive process. Indeed, the production function of a dressmaking firm is well described by the equation Q = L - L-/(20*100), where Q denotes the number of dresses per week and L is the number of labor hours per week. The firm's additional cost of hiring an extra hour of labor is about $8 per hour (wage plus fringe benefits). The firm faces the fixed selling price, P = $40. How much labor should the firm employ? (Round your answer to the nearest whole number.)
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