A firm has a production function of 
, the rental rate of capital is $50, and the wage rate is $15. In the short run, 
Is fixed at 80 units. The short-run demand for labor is L = ____.
Definitions:
Price Elasticity
The responsiveness of the quantity of a product demanded to a variation in its price, determined by dividing the percentage variation in the quantity demanded by the percentage modification in the product’s price.
Separate Markets
Economic markets that are distinctly separated by geographical boundaries, preferences, or other factors, preventing the mixing of products or services.
Resold
The action of selling an item or asset that has previously been sold or owned by someone else.
Monopolist's Profits
The earnings a monopolist achieves, which are typically higher than in competitive markets due to the ability to set prices above marginal costs.
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