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22) A Firm's production is as follows C(Q) = 20L 0.5 K 0.03 . They have one machine, which had a total cost of $120,

22) A Firm's production is as follows C(Q) = 20L^0.5K^0.03.

They have one machine, which had a total cost of $120, and labor costs $20 per hour. The selling price of the output is $10.

a) Find MPL

b) Find VMPL

c) What is the optimal amount of L

d) What is the firm's maximum output

e) What is the firm's maximum total profit.

(Do not provide hand written solution)

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