Calculate the maximum rental value of the land

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Reference no: EM13984426

On a specific plot of land, X = 20L^1/2; where X is the level of output in bushels of wheat, and L is the number of workers hired.

A) Assuming that each worker receives a real wage equal to 1 bushel of wheat, calculate the maximum rental value of the land.

B) Is there any real rage at which the land would have no rental value?

Reference no: EM13984426

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