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Can you please help me with the following task. Thank you so much! Fred' Factory sells in a perfectly competitive market. Fred's production function is:
Can you please help me with the following task. Thank you so much!
Fred' Factory sells in a perfectly competitive market. Fred's production function is: Q = 6L 1/3K1/3 Prices of the output and inputs are: P = 2 w = 1 r = 8 a. Calculate Fred's long-run profit-maximizing employment of labor and capital. Also find Fred's profit-maximizing output, revenue, cost, and profit. O* : L* = K* = R* = C* = [* =b. Calculate output, cost, revenue, and prot if Fred's Factory employs 27 units of labor and 27/8 units of capitalStep by Step Solution
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