Michael's dairy farm's cost function is C(q) = 
, where q is the amount of output and A is the average age of Michael's employees. Currently, the average age of Michael's employees is 32. Next year, Michael expects the average age of his employees to decrease by 3 years due to job turnover. What happens to Michael's cost of production if he is correct?
Definitions:
Motivated
Describes being driven or encouraged to act towards achieving a goal or fulfilling a need or desire.
Compressed Workweek
A four-day (or shorter) period during which an employee works 40 hours.
Layoffs
The termination of employment of workers by an employer due to business reasons that may not be related to the individual's performance.
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