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fRound numeric answers to 2 digits. Choose from the dropdown menus to fill in all blanks: Consider a production process that uses labor Z and

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\fRound numeric answers to 2 digits. Choose from the dropdown menus to fill in all blanks: Consider a production process that uses labor Z and capital c as inputs and generates output according to Q(1, c) = 3.11/4 + 1.63 . 3/4. The price for the inputs are w for labor and pe for capital, respectively. Overall, the firm chooses inputs labor and capital to maximize profit: II = P . Q(l,c) - w .I Pc . C where P is the (constant) price the firm receives per unit of output. Conceptually, in this optimization problem, II is an an capital c is a/ an and the cost of labor, w, is a/ an The optimal level of labor ?" used in production can be expressed as I = A . w . pe . PT

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