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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