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Consider a firm with production function given by Q(K,E) = K3E%/ 30 K denotes units of capital and E denotes units of labour. Capital is
Consider a firm with production function given by Q(K,E) = K\\3E%/ 30 K denotes units of capital and E denotes units of labour. Capital is fixed at #f units. The firm's output decision has no effect on the price of output or the wage (w). (a) The firm is profit maximizing and can sell output for & per unit. Solve for the firm's labour demand function. That is, express as a function of w. Note that for this production function, the marginal product of labour (MPL= MP;) is 0Q(K,E) 2 = \"1/3p-1/3 MPy % s K'E Show your formulations and derivation
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