Grate Ltd Co produces shoes and their short-run estimated production function is given as: Q = 90L +24L² - 3L³
a. After what number of labour does average product start to decline?
b. At what number of labours will marginal product be maximized? So, how much is the maximum marginal product?
c. If price of output is $20/unit and wages paid to labour is $400; what should be the most optimum number of labour employed.
