A firm operates in the short run with the production, Business Economics

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A firm operates in the short run with the production

Question: 1. A firm operates in the short run with the production function q = 2L0.5 and faces the demand schedule p = 60 - 4q where p is price in pounds. If it can employ labour at a wage rate of £4 per hour, how much should it employ to maximize profit?

2. If a supply schedule is given by p = (2 + 0.05q)2 show (a) by multiplying out, and (b) by using the chain rule, that its slope is 2.2 when q is 400.

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