Multiple Choice
Suppose a perfectly competitive firm's production function is q = L⁰.²K⁰.⁶ and it takes the wage and price as given.Then the firm's long-run demand for labor as a function of K,w,and p is
A) p5((0.2/w) ²(0.6/r) ³) .
B) p5((0.2/w) ⁴(0.6/r) ⁵) .
C) p5((0.2/w) ⁵(0.6/r) ⁴) .
D) p5((0.2/w) ³(0.6/r) ²) .
Correct Answer:
Verified
Correct Answer:
Verified
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