Question: Consider the Following short run production function (were L = variable input, Q=output)

Q= 10L -0.5L²

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.

a. Determine the marginal revenue product function.

b. Determine the marginal factor of cost

c. Determine the optimal value of L. given tha the objective is to maximize profit