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solve ques no 3 Problem 3 INDUSTRY STRUCTURE: Perfect Competition in Output Market and Perfect Competition in Labour Market. TIME FRAMEWORK Short Run. The production

solve ques no 3

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Problem 3 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 = a L^0.5 In the production function, Q is the annual output in tons, L is the number of workers employed. The price of the product is $P. The wage rate is $w. In the short run, calculate the following: a) The equilibrium number of workers employed

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