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How many hours of labor should the firm hire

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Reference no: EM133076753

A firm's production function is Q = 60K^1/3 L^1/2. The firm purchased 27 machines for $50,000 and won't be able to obtain any more machines. The selling price of the output is $8. The wage rate is $24 per hour.

a. Find MPL

b. Find VMPL

c. How many hours of labor should the firm hire?

d. Find the firm's output

e. Find the profit

Reference no: EM133076753

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