A firm's output is given by q = 4L? where L is labour. If the price of output is £2 and the wage rate is £4, then the amount of Labour employed will by a firm will be: а. 0.25 b. 0.5 С. 2 d. 1

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Q: Suppose MPL = 0.5 ∗ (q/L) and MPK = 0.5 ∗ (q/K). In the long run, the firm will hire equal amounts…

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Q: LABOR DEMAND, PART 1 Suppose output, Q, is produced by labor, L, and capital, K, according to the…

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Q: For questions 11-14: Suppose a firm's production function is given-by q = 8 Ew + Ep,“ where Ex and…

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