2. Profit maximization for perfectly competitive firm A firm produces output q using two inputs capital K and labor L using the production function q
2. Profit maximization for perfectly competitive firm A firm produces output q using two inputs capital K and labor L using the production function q = 12Ki Li. Assume output price p = 2 per unit, rentr = 3 per unit and wage w = 4 per unit. Find the profit maximizing input levels K
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