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Compute a firm's profit from production function.

Assume that a firm faces the following production function, f (L) =2L0.5 .Furthermore, although the firm cannot set wages, it can set prices, and its inverse demand curve is p=10-f (L). The firm pays workers a wage of $1.

a) How much does the firm produce? Show your work.

b) What are this firm's profits? Show your work.

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M917888

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