What are long-run profit maximizing levels of labor demand

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Frank is trying to decide how many workers to hire. His basketball factory has the following production function:
F(L,K) = L^1/3K^1/3.

The price of basketballs is $90, the wage rate is $5, and the rental rate for capital is $10. What is the short-run profit maximizing level of labor demand if capital is fixed at 40 units? What are the long-run profit maximizing levels of labor and capital?

Reference no: EM13209609

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