Labour Demand with Perfect Competition in the Labour Market and Perfect Competition in the Output Market in the Long Run. You are the manager of a business that operates in perfectly competitive markets {both the Labour Market and Output Market}. The production function of the business is given by: Q = L 1/4K 1/4 . The price of the product is "10". The wage rate is "4". The price of capital is "2". a) Find the use of labour and capital in the long run. b) Explain the difference between the Short Run and Long Run. c) Provide diagrams to illustrate the solution.