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A firm has the short-run production function as follows: Q = L + 3L^2- 0.1L^3 where Q = total product per period and L =
A firm has the short-run production function as follows: Q = L + 3L^2- 0.1L^3 where Q = total product per period and L = number of hours of labor per period. Suppose that the price of a product is $10 per unit. How many hours (L*) will the firm hire to maximize its profit if the hourly price of labor is $160 per period
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International Economics
Authors: Robert C. Feenstra, Alan M. Taylor
3rd edition
978-1429278515, 142927851X, 978-1319029517, 1319029515, 978-1429278447
