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assume that a firm has the following production function Q=100L^1/2 K^1/4 where L is the number of hours of labor and K is the number
assume that a firm has the following production function Q=100L^1/2 K^1/4
where L is the number of hours of labor and K is the number of machines. The firm has 81 machines that it purchased for $81000 and it will be unable to obtain any more machines. The firms output sells at a price of $20 per unit and labor cost $25 per hour.
What is the firms VPML function
How many hours of labor should the firm employ
What will be the firms total profit
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