(c) Consider a competitive producer with a production function of l 0.4 k 0.1 , labor price...

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Question:

capital price of 1(not v, the number one), and an output price of p. Suppose capital in

the short run is fixed at k.

Given:

Short Run Cost Function (C):

C = k + w(q2.5/k0.25)

Profit Maximizing Quantity (q):

q = (w /4k^0.25p)^1/0.75

Question: Find the firm’s unconditional demand for labor?

Related Book For answer-question

Microeconomics An Intuitive Approach with Calculus

ISBN: 978-0538453257

1st edition

Authors: Thomas Nechyba

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Posted Date: Feb 15, 2024 01:10 AM

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(c) Consider a competitive producer with a production function of l 0.4 k 0.1 , labor price...

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To find the firms unconditional demand for labor we need to determine the quantity of labor L that m... View the full answer

Microeconomics An Intuitive Approach with Calculus

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