Question: A competitive rm has a production function described as follows: y = L 1=3 u L 1=3 s K1=3 ; where Lu; Ls; and K

A competitive rm has a production function described as follows: y = L 1=3 u L 1=3 s K1=3 ; where Lu; Ls; and K are unskilled labor, skilled labour, and capital, respectively. Suppose that in the short run this rm must use 27 units of capital but can vary its amounts of labor (skilled and unskilled) freely

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