A restaurant owner has the following short-run production function: Q = 30L 2L2 where Q = number of meals served per day, and L = number of workers. a) Determine the short run maximum output that the owner can produce. (4 marks) b) Calculate the output at which the average product is maximum. (4 marks) c) Identify the efficient stage to hire labor. (2 marks) d) If workers can be hired for RM40 per day and the average meal is RM6, how many workers should be hired? (5 marks)
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