Answer to Question #62916 in Macroeconomics for Adam

Question #62916
1. Company is operating on perfectly competitive markets and wants to maximize its profits. Assume that it uses the production function Y = A*L^α with A = 2 and α = 0.5. The real wage w is 4. What is the optimal value of labor L that should be employed?

L = ...?
1
Expert's answer
2016-10-24T06:57:22-0400
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