Assume a firm has the following short-run production function: q (L) = L + 2L² – 1³ Given the production function above, answer the following two questions: A) If this firm is going to maximize profits in the short-run by producing a strictly positive level of output (q> 0), what is the lowest level of labor (L) they would employ? Minimum level of labor = 3

Assume a firm has the following short-run production function: q (L) = L + 2L² – 1³ Given the production function above, answer the following two questions: A) If this firm is going to maximize profits in the short-run by producing a strictly positive level of output (q> 0), what is the lowest level of labor (L) they would employ? Minimum level of labor = 3

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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