Question 2

Image transcription text

c) Given car manufacturer's the short run production function Q = F(K; L) = 2v. What is the firms profit function (w. P)) labour demand function L(w. P) and coutput supply function Q(w, P)d if w = $10 per hour, there are 200 firms and inverse market demand is P = 250 000 - 0.1Q, what is the equilibrium price and cars traded in competitive market [12 marks]c) Given car manufacturer's the short run production function Q = F(K; L) = 2v. What is the firms profit function (w. P)) labour demand function L(w. P) and coutput supply function Q(w, P)d if w = $10 per hour, there are 200 firms and inverse market demand is P = 250 000 - 0.1Q, what is the equilibrium price and cars traded in competitive market [12 marks]
 

2L. What is the and output supply c) Given car manufacturer's the short run production function Q firms profit function (w.P) labour demand function function Q(w.P) if w= $10 per hour, there are 200 firms and inverse market demand is P == 250 000-0.1Q, what is the equilibrium price and cars traded in competitive market [12 marks] F(K; L) L(w.P)