Consider the following production function of XYZ Company: Q = -4 + 8L – 2L 2 , where Q = output, and L is labor. Suppose the price of a product is…

Consider the following production function of XYZ Company: Q = -4 + 8L – 2L2, where Q = output, and L is labor. Suppose the price of a product is $10, and labor is paid at $10.

  1. How many people should the firm employ?
  2. What will be the firm’s profit?
 
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