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1.The Bell Corp manufactures plastic broom and mop holders, and the production function for these holders is expressed as: Q = 50 L.8K.2 Where: Q = number of plastic holders produced per day L = units of labor input per day K = units of capital input per day. Let K = 1000 and L = 100 Calculate the average product of labor and the marginal product of labor. 2.A firm has a production function: Q= 5L.8K.25 Where : Q = number of metal stampings produced per day L = unit of labor input per day K = unit of capital input per day Labor is a variable input, whereas capital is a fixed input. The selling price of Q is RM9.00 per unit; The purchase price of capital is RM 100 per unit; and the purchase price of labor is RM20 per unit. If K is fixed at 100 units, determine the number of units of labor to purchase each day in order for the firm to maximize profit.
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