2. A seller's production function is q = f(k,1) = (kl), w = v = 1, and the competitive output price is P. For all parts going forward, assume we are in the long run and all inputs are variable. e. Find the profit-maximizing q. f. Find unconditional demand for labor. g. Find the profit function.
2. A seller's production function is q = f(k,1) = (kl), w = v = 1, and the competitive output price is P. For all parts going forward, assume we are in the long run and all inputs are variable. e. Find the profit-maximizing q. f. Find unconditional demand for labor. g. Find the profit function.
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter7: Proudction Costs
Section: Chapter Questions
Problem 3SQ
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2. A seller's production function is q = f(k,1) = (kl), w = v = 1, and the competitive
output price is P.
For all parts going forward, assume we are in the long run and all inputs are variable.
e. Find the profit-maximizing q.
f. Find unconditional demand for labor.
g. Find the profit function.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6274a625-9a74-4008-b392-f1961eea52c4%2F4df2aad1-67bd-4d86-afbc-33a505947aec%2Fl5m9cua_processed.jpeg&w=3840&q=75)
Transcribed Image Text:0.2
2. A seller's production function is q = f(k,1) = (kl), w = v = 1, and the competitive
output price is P.
For all parts going forward, assume we are in the long run and all inputs are variable.
e. Find the profit-maximizing q.
f. Find unconditional demand for labor.
g. Find the profit function.
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