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Week 6 Team Assignments

Week 6 Team Assignments - How many worke firm hire when the...

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Denise Seals Chapter 14 # 6 6. 10(12-2L) 120-20L 120=20L L= 6 30 = 10(12-2L) 60= 10(12-2L) 30=120-20L 60=120-20L 20L=120-30 20L=120-60 20L=90 20L=60 L= 4.5 L = 3 Suppose a firm’s production function is given by Q = 12L - L2, for L = 0 to 6, wh labor input per day and Q is output per day. Derive and draw the firm’s demand curve if the firm’s output sells for \$10 in a competitive market.

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Unformatted text preview: How many worke firm hire when the wage rate is \$30 per day? \$60 per day? (Hint: The margina of labor is 12 - 2L.) MRP L = ( MR )( MP L ). w = ( MR )( MP L ) MR = 10 here L is d for labor ers will the al product MP L = 12-2L...
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