Short-run impact on the firms production

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Reference no: EM1315452

Q. A firm has subsequent short-run production function:

Q=50L+6L^2-0.5L^3
Q=quality of output per week
L= number of worker

a. When dose the law of diminishing returns take effect?

b. Compute the wage of the values for labor over which stage I, II also III occurs.

C. Assume each worker is paid $10 per hour also works a 40-hours week. Elucidate how many workers should the firm hire if the price of the output is $ 10? Assume the price of the output falls to $7.50.Illustrate what do you think would be the short-run impact on the firm's production? The long-run impact?

Reference no: EM1315452

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