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I'm getting stuck on a new question format that the instructor has not gone over yet. A firm can manufacture a product according to the production function Q= 2(K)^1/2(L)^1/2 where K represents capital equipment and L is labor. The company has already spent $10,000 on the 4 units capital. a.) Find the expressions for average product of labor, APL and the marginal product of labor, MPL. b.) If workers at the firm are paid a competitive wage of $100 and the product is sold for $200 each, what is optimal level of labor usage and what is the maximum profit?

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Category:- Financial Accounting
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