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Currently, Ronald's Outboard Motor Manufacturing uses 100 power drills in the production of motors ...

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Currently, Ronald's Outboard Motor Manufacturing uses 100 power drills in the production of motors ...

Currently, Ronald's Outboard Motor Manufacturing uses 100 power drills in the production of motors (K represents the number of power drills). Ronald's marginal product of labor function is MPL (L, K) = . Ronald can sell all the motors he produces for $100 per unit and hire all the labor units he desire at $10 per unit. What happens to Ronald's optimal labor employment if he decreases the number of power drills to 90?

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Microeconomics

Edition: 8^th

Author: Pindyck

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