Suppose that a firm is producing in the short run with output given by: Q = 55L-L² The firm hires labor at a wage of $45 per hour and sells the good in a competitive market at P = $14 per unit. Find the firm's optimal use of labor. Enter as a value. ROUND TO THE NEAREST WHOLE NUMBER.

Suppose that a firm is producing in the short run with output given by: Q = 55L-L² The firm hires labor at a wage of $45 per hour and sells the good in a competitive market at P = $14 per unit. Find the firm's optimal use of labor. Enter as a value. ROUND TO THE NEAREST WHOLE NUMBER.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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