11 Labour Demand with Perfect Competition in the Labour Market and Perfect Competition in the Output Market in the Long Run. You are the manager of a business that operates in perfectly competitive markets {both the Labour Market and Output Market. The production function of the business is given by: Q=4( L^1/2)(K^1/4) The price of the product is ^ prime prime 10^ prime prime . The wage rate is 2". The price of capital is "2". a) Find the use of labour and capital in the long run . b) Explain the difference between the Short Run and Long Run c)Include a diagram for your solution