solve prob 2

Problem 2 a) Create a "new" problem based on a problem regarding the calculation of optimal amount of Labour under any market structure. b) Why did you create this problem? c) What did you learn from this problem and from creating it? HINT: You can make changes to the problem below such as including taxes, subsidies, commissions, or extreme cases. Please use your imagination. Please do not only change the parameters. You can use your imagination and creativity. "INDUSTRY STRUCTURE: Perfect Competition in Output Market and Perfect Competition in Labour Market. TIME FRAMEWORK: Short Run. The production function of the business is given by: (1) Q - 21 0.5 In the production function, O is the annual output in tons, I is the number of workers employed. The price of the product is $50. The wage rate is $10. In the short run, calculate the following: a) The equilibrium number of workers employed" Activate