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assume that a firm operates in a perfectly competitive market. The production function is Q = (K^.05)L^.25. Find long run demand for labor and captain
assume that a firm operates in a perfectly competitive market. The production function is Q = (K^.05)L^.25. Find long run demand for labor and captain as a function of the wage rate (w), cost of capital (r), and price of output (p).
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