1. (25 points) Labor demand In the short run: A. B. what is the assumption regarding labor demand. using the general production function f(L, K), the output price p, the costs of labor and capital w and r, derive the prot maximizing condition with respect to labor. . graph the shortrun prot maximizing allocation relationship between marginal product and the real wage. . describe what a prot maximizing rm will do when its shortrun prot maximizing condition is not met, i.e., when will it hire more or less labor? In the longrun: E. F. G. H. what is the assumption regarding labor demand. using the general production function f(L, K), the costs of labor and capital w and r, what is the longrun labor demand condition with respect to labor. Use the general utility function, w, and r to derive the longrun equal marginal principle. using an isoquant and isocost diagram, graph the longrun labor demand condition with respect to labor and capital. describe what a rm will do when its longrun condition is not met, i.e, when will it hire more or less labor