Sppose that a firms production function is given by q , Ask an Expert

Economics

Suppose that a firm's production function is given by Q = 30L-3L2, where L is labor input and Q is the output.

a) Derive and draw the firm's demand for labor while the firm's product is sold in a competitive market at $15, and the wage rate is $60.

If labor is the only output that the firm hires, find the level of maximized profit.

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