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A firm?s production function is given

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A firm?s production function is given by F(L) = 6L2/3, where L is units of labour. Suppose that the cost per unit of labour is $16 and the price of output is $8.;How many units of labour will the firm hire?;If the price of output doubles to $16, how many units of labour will the firm hire now?

 

Paper#26866 | Written in 18-Jul-2015

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