Question
The following functions show the cost function of a firm C(L) = 0.1L 3 - 0.25L 2 + 30Q+100. The only input is labour and
The following functions show the cost function of a firm C(L) = 0.1L3 - 0.25L2 +
30Q+100. The only input is labour and labour can produce according to the funtion Q = L/10
The demand function of the firm's good is Q = 100-P. Use first and second-order derivatives
to find the amount of labour needed to minimize losses. [10 marks]
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Econometric Evaluation Of Socio-Economic Programs Theory And Applications
Authors: Giovanni Cerulli
1st Edition
3662464055, 9783662464052
