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please help solve thanks! You manage a small taxi company that takes passengers from the airport to the local hotel. You estimate that the number
please help solve thanks!
You manage a small taxi company that takes passengers from the airport to the local hotel. You estimate that the number of daily trips you can provide follows the production function Q = 3K2/3L1/3, where K represents the number of cars you rent and represents the number of drivers you hire. Due to a contract with the union, you must hire 5 drivers per day. The drivers work part-time and each gets paid $60 per day. You do not own any cars but you are flexible in how many cars you want to rent with a rental rate of $90 per day. The price you charge per trip is $50. a. How many cars should you rent to maximize your daily profit? (Round to 2 decimal points) (3 points) b. How many trips you can provide if you are maximizing your daily profit? (Round to 2 decimal points) (3 points) c. What is your maximum profit? (3 points) Step by Step Solution
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