A function assigns the values. The profit-maximizing quantity of labour to hire is 15 workers.
A function assigns the value of each element of one set to the other specific element of another set.
Given the marginal revenue product, MRP = 40-(Q/10)
The cost of labour, WL = 10
The production function, Q = 20 L
For profit maximizing quantity of labour to hire where,
MRP = WL
40-(Q/10) = 10
40-(20L/10)=10
40-2L=10
-2L = 10-40
-2L=-30
L=15
Hence, the profit-maximizing quantity of labour to hire is 15 workers.
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