A firm has the following short-run production function, Ask an Expert

Economics

A firm has the following short-run production function (where L = Labor and Q = Output):

Q = 10L – 0.5L2

Suppose that the output can be sold for $10 per unit. Further assume that the firm can obtain as much of the variable input (L) as it needs at $20 per unit.

a) Determine the marginal revenue function

b) Determine the value of L that maximizes profits

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91521473

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