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What would be long-run strategy to optimize the resources

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Reference no: EM132995329

Given the Production Function of a perfectly competitive firm, Q = 120L + 9L 2 - 0.5L 3 , where Q = Output and L = labor input

Question a. At what value of L will Diminishing Returns take effect?

Question b. Calculate the range of values for labor over which stages I, II, and III occur?

Question c. Suppose that the wage rate is $60 and the price of output is $2 per unit. How many workers should the firm hire?

Question d. If demand forecasts predict an output level between 3500 and 3800 in the next decade, what would be your long-run strategy to optimize the resources of your company?

Reference no: EM132995329

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