Consider a firm with the production function f(K,L)=(K1/4)(L2/4).
In the short run, the firm has rented 25 units of capital. The firm is a price taker in both the output market and labor market, facing an output price of 11 and a market wage of 5 per hour. Rounded to the nearest tenth, how many hours of labor will the firm hire? (Make sure your answer only has 1 decimal before submitting!)
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