Question: The production function for milk is: Q = 60L - L^2 Milk sells for $2 per unit. The cost of each unit of labor (L)

The production function for milk is:

Q = 60L - L^2

Milk sells for $2 per unit. The cost of each unit of labor (L) is $20 per hour.

a. What is the optimal amount of labor (L) to hire?

b. If the company raises their price to $4, what would the optimal amount of (L) to hire?

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