Develop a 1,050-word report to the members of the strategic planning committee explaining the following information:October 2, 2020
IESDS: eliminating strictly dominated strategies only in an iterated manner. Whenever a game arrives at a unique outcome using the IEWDS or IESDS, we…October 2, 2020
A perfectly competitive firm operates in the short-run with labor as its only variable factor. Its production function is:
Q = -L3 + 10L2 + 88L
where Q is output per week measured in tons and L is the number of workers employed. The weekly wage is $324 and the product sells for $3.24 per ton.
(c) How many workers should the firm employ to maximize profits?
(d) Calculate the firm’s point elasticity of demand for labor at the equilibrium in (c) above.
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