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Suppose a short-run production function is described as Q = 1L - (1/800)L2 where L is the number of labors used each hour. The firm's cost of hiring (additional) labor is $20 per hour, which includes all labor costs. The finished product is sold at a constant price of $40 per unit of Q.
a. State the firm's MPL:
b. How many labor units (L) should the firm employ per hour:
c. Given your answer in b, what is the output (Q) per hour:
d. Given your answer in c, what is the resulting profit per hour assuming only labor costs?
e. Using the production function Q = 1L - (1/800)L2. How many units of L would be required to produce 150 units (Q=150). Use the quadratic formula to solve for L.
In production theory, what distinguishes the short run from the long run? Can these periods be defined in terms of specific lengths of time? Why?
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Graph the supply and demand curves in this market. Be sure to put the quantity (Q) on the horizontal axis and the price (P) on the vertical axis. You may use quantities four ( Q=2) through twenty (Q=18)by units of one (1) for your graph. What is the..
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