6. Consider the following short run production function (where L=variable input, Q=output): Q=10L-0.5L^2 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.;c. Determine the optimal value of L, given that the objective is to maximize profits.
Paper#28570 | Written in 18-Jul-2015Price : $22