Gce Model Questions Vol1 2019 Economics Question 32
Practice objective / multiple choice question 32 from the 2019 Gce Model Questions Vol1 Economics examination.
A firm's production function for a single product is \(Q = 20L - 0.5L^{2}\), where \(L\) is the number of workers employed. The market price of the product is £5 per unit and the wage rate is £30 per worker. Determine the range of \(L\) for which hiring an additional worker will increase the firm's profit.
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About This Question
This is Gce Model Questions Vol1 2019 Economics Question 32. It is one of the objective questions from the 2019 Gce Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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