Statistics Solutions

[Solution Library] The owner of Sudsy Car Wash believes that the relationship between the number of cars washed and labor input is Q = -0.8 + 4.5L - 0.3L2, where

Question: The owner of Sudsy Car Wash believes that the relationship between the number of cars washed and labor input is

Q = -0.8 + 4.5L - 0.3L2,

where Q is the number of cars washed per hour and L is the number of people employed. The company receives $5 for each car washed and the wage rate per hour is $4.50.

  1. How many people should she employ to maximize profits?
  2. What will be the firm's hourly profit?

Price: $2.99
Solution: The downloadable solution consists of 1 pages
Deliverable: Word Document


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