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Your firm's production function isf(L)=4L1/2 , where L is units of labor. The marginal product of labor isMPL=2L1/2 . What amount of labor will maximize
Your firm's production function isf(L)=4L1/2
, where L is units of labor. The marginal product of labor isMPL=2L1/2
. What amount of labor will maximize your firm's profit, if the price of a unit of output is 2 and the price of a unit of labor is also 2?
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