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5a firm has the production function q3l6k find the marginal product of labormpmarginal product of capitalmp and marginal rate of technical substitutionmrts determine the returns to scalertsf 37682
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SOLVED:Suppose that a firm's production function is given by Q=12 L-L^2, for L=0 to 6, where L is labor input per day and Q is output per day. Derive and draw the firm's demand for labor curve if the firm's output sells for 10 in a competitive market. How many workers will the firm hire when the wage rate is 30 per day? 60 per day? (Hint: The marginal product of labor is 12-2 L.)
SOLVED:Suppose that a firm's production function is given by Q=12 …
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