Given the following cost function for a firm operating in a competitive market, C=q² (wv)/2, what is the (quantity contingent) long run labor demand equation and the equation for long run firm supply (again, no need for the demand for capital equation)?
Given the following cost function for a firm operating in a competitive market, C=q² (wv)/2, what is the (quantity contingent) long run labor demand equation and the equation for long run firm supply (again, no need for the demand for capital equation)?
Chapter10: Cost Functions
Section: Chapter Questions
Problem 10.6P
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