(Solution Library) Consider the following short-run production function (where L= variable input, Q= output): Q=10 L-0.5 L^2 Suppose that output can be sold for $10
Question: Consider the following short-run production function (where \(L=\) variable input, \(Q=\) output):
\[Q=10 L-0.5 L^{2}\]Suppose that output can be sold for $10 per unit. Also assume that the firm can obtain as much of the variable input \((L)\) as it needs at $20 per unit.
- Determine the marginal revenue product function.
- Determine the marginal factor cost function.
- Determine the optimal value of \(L\), given that the objective is to maximize profits.
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