Suppose that a firm's production function is given by: Q=12L-L², for L=0 to 6, where L is labor input per day and Q is output per day. Derive and draw the firm's demand for labor if the firm's output sells for $10 in a competitive market. The marginal product of labor (MP) is 12-2L. Using the line drawing tool, draw the firm's labor demand curve. Label this curve DL- Carefully follow the instructions above, and only draw the required objects. Price of labor 150- 140 130 120- 110 100+ 90- w 80+ 20 70+ 200 60+ M 50+ 40 30+ 20+ 10- 0 6 Quantity of labor (hours) 8 9 10 Q Q G

Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter11: The Firm: Production And Costs
Section: Chapter Questions
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Suppose that a firm's production function is given by:
Q=12L-L²₁
for L = 0 to 6, where L is labor input per day and Q is output per day. Derive and draw the firm's demand for labor if
the firm's output sells for $10 in a competitive market.
The marginal product of labor (MPL) is 12-2L.
Using the line drawing tool, draw the firm's labor demand curve. Label this curve DL-
Carefully follow the instructions above, and only draw the required objects.
Price of labor
150
140-
130-
120-
110-
100-
90-
80-
70-
60-
50-
40-
30-
20-
10-
0-
0
3 4 5 6 7
Quantity of labor (hours)
8
9
10
Transcribed Image Text:Suppose that a firm's production function is given by: Q=12L-L²₁ for L = 0 to 6, where L is labor input per day and Q is output per day. Derive and draw the firm's demand for labor if the firm's output sells for $10 in a competitive market. The marginal product of labor (MPL) is 12-2L. Using the line drawing tool, draw the firm's labor demand curve. Label this curve DL- Carefully follow the instructions above, and only draw the required objects. Price of labor 150 140- 130- 120- 110- 100- 90- 80- 70- 60- 50- 40- 30- 20- 10- 0- 0 3 4 5 6 7 Quantity of labor (hours) 8 9 10
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