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Business, 09.08.2021 20:40 maddigrace3

g The nation of Ectenia has 80 competitive apple orchards, which sell apples at the world price of $2 per apple. The following equations describe the production function and the marginal product of labor in each orchard: Q = 80L−L2 MPL = 80−2L where Q is the number of apples produced in a day, L is the number of workers, and MPL is the marginal product of labor. Suppose the world price of apples doubles to $4 per apple. What is each orchard's labor demand as a function of the daily wage W? L=80−2W L=3,200−10W L=40−0.25W L=40−0.125W What is the market's labor demand?

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