1 A firm short-run production is given by Q = 2VL, where L is the number of units of labor. If the price per unit sold is $70, the price per unit of labor is $10, find the value of L needed to maximize profit. We assume that the firm sells all that it produces, and you can ignore all other costs. 2 Given the demand function Q 1000 5P P + 0.005Y3. Where P = 15, PA = 20, and Y = 1000, find the price elasticity of demand, the %3D cross-price elasticity of demand, and the income elasticity of demand.