q(L, K) = L²/2 . K²/2 dditionally, assume that, in the short-run, the firm has already invested in 1 unit of capital (K = 1) and paid i $1 to do so (F = 1). Finally, assume that the firm must pay a wage of $1 (w = 1) for each unit of labor (L) re.

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Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.