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The owner of small firm believes the production function is given by:

Q = -3+8.5L-2L2

Where Q = output and L = labor. The owner receives $20 for each unit of its output and the wage rate for each person employed is $10.

How many people should he employ to maximize profit?

What will be the firm’s hourly profit?

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M91920717

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