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Complete Table 1 for the functions that characterize the solution to the firm's optimization problem of maximizing profits. Determine whether the labour demand function, ND(w,
Complete Table 1 for the functions that characterize the solution to the firm's optimization problem of maximizing profits. Determine whether the labour demand function, ND(w, z,K) is decreasing in, increasing in, or independent of each of the following variables separately: (i.) w, (ii.) z, and (iii.) K. Provide economic intuition for the direction of each these relationships. Table 1: Firm's Optimization Functions ND(w, z,K) Y S(w, z,K) (w, z,K)
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