Production function for a competitive firm
is Q = K2/3 L1/2. The firm sells its product at $100 in a competitive market
and can hire labor at a constant rate of wage of $50 per unit of time. Capital
is fixed at 8,000 units. Determine the profit maximizing quantity of labor (L).
Tags firm competitive function production labor competitive fixed time capitalis 0 determine quantity maximizing profit unit units rate sells firm firmis function product marketand production constant hire wage
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