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QUESTION
Consider the following production function of XYZ Company: Q = -4 + 8L - 2L 2 , where Q = output, and L is labor. Suppose the price of a product is...
Consider the following production function of XYZ Company: Q = -4 + 8L - 2L2, where Q = output, and L is labor. Suppose the price of a product is $10, and labor is paid at $10.
- How many people should the firm employ?
- What will be the firm's profit?
