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Production function: Q(L,K)=L^1/4K^3/4 w=10 per hour, r=5000/unit K=20 Market demand function:Q=350-20P monopoly output market, competitive input market find sr equilibrium price and quality for input,

Production function: Q(L,K)=L^1/4K^3/4

w=10 per hour, r=5000/unit

K=20

Market demand function:Q=350-20P

monopoly output market, competitive input market

find sr equilibrium price and quality for input, output

find lr equilibrium price and quality for input, output

find total surplus

compare lr equilibrium and total surplus and find dwl

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