Question
The short run production function for a firm is Q = 100 + 40L - .5L 2 .The firm sells its product in a competitive
The short run production function for a firm is Q = 100 + 40L - .5L2.The firm sells its product in a competitive market at price P = $12 per unit.The price of labor is PL = $8.Find the profit maximizing amount of output (Q) to produce. What is profit at this amount of output? Profit = ________. If your answer is a number such as "4024.6", enter "4024" and do not round or include decimal places. Also, do not include a comma.
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Principles of Economics
Authors: Gregory Mankiw
7th edition
128516587X, 978-1285165875
