Marginal revenue function

by | Aug 25, 2021 | Assignment Help

A firm has the following short-run production function (where L = Labor and Q = Output):Q = 10L – 0.5L2Suppose that the output can be sold for $10 per unit. Further assume that the firm can obtain as much of the variable input (L) as it needs at $20 per unit.a) Determine the marginal revenue function (10 points)b) Determine the value of L that maximizes profits (10 points)

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