please help me 1, 2 and 3 1A firm produces its product using only labor. Its production function is Q = 20L - L², where Q is thenumber of units of output produced and L is the number of labor hours used. The firm purchaseslabor in a competitive labor market at the going wage rate of w = $12 per hour. The firm sells itsoutput in a competitive market at the market price of P = $7.To maximize profit, the firm should use hours of labor and produceyour responses rounded to two decimal places.)The demand for labor by an industry is given by the curve94%units of output. (Enter1:1L = 320-20w,where L is the labor demanded per day and w is the wage rate. The supply curve is given byL = 20w.What is the equilibrium wage rate and quantity of labor hired? (Round all responses to two decimal places.)The equilibrium wage rate is $ per hour. Suppose the demand for skilled military personnel is given by the curveL=240 - 5w,where L is the labor demanded per day in thousands and w is the wage rate. Suppose the supply curve for skilled military personnel isgiven byL = 5w.What is the equilibrium wage rate and equilibrium employment for skilled military personnel?The equilibrium wage rate is $ per hour. (Round your response to two decimal places.)

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A firm produces its product using only labor. Its production function is Q = 20L-L², where Q is the number of units of output produced and L is the number of labor hours used. The firm purchases labor in a competitive labor market at the going wage rate of w= $12 per hour. The firm sells its output in a competitive market at the market price of P = $7. To maximize profit, the firm should use your responses rounded to two decimal places.) hours of labor and produce units of output. (Enter

A firm produces its product using only labor. Its production function is Q = 20L-L², where Q is the number of units of output produced and L is the number of labor hours used. The firm purchases labor in a competitive labor market at the going wage rate of w= $12 per hour. The firm sells its output in a competitive market at the market price of P = $7. To maximize profit, the firm should use your responses rounded to two decimal places.) hours of labor and produce units of output. (Enter

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter9: Production Functions

Section: Chapter Questions

Problem 9.3P

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