Business, 11.08.2021 22:30 milkshakegrande101

The nation of Ectenia has 20 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= 100L -L^2
MPL 100-2L

where Q s the number of apples produced in a day, L s the number of workers, and MPL is the marginal product of labor. Now, suppose the price of apples is back at $2 per apple, but a hurricane destroys half the orchards so only 10 orchards remain. Recall that each orchard's labor demand as a function of the daily wage is L 50-0.25W.

Required:
What is the market's labor demand?

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The nation of Ectenia has 20 competitive apple orchards, which sell apples at the world price of $2...

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