Given the following cost function for a firm operating in a competitive market, C=q² (wv)/2, what is the (quantity contingent) long run labor demand equation and the equation for long run firm supply (again, no need for the demand for capital equation)?

Microeconomic Theory
12th Edition
ISBN:9781337517942
Author:NICHOLSON
Publisher:NICHOLSON
Chapter10: Cost Functions
Section: Chapter Questions
Problem 10.6P
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Given the following cost function for a firm operating in a competitive market,
C=q° (wv) , what is the (quantity contingent) long run labor demand
equation and the equation for long run firm supply (again, no need for the
demand for capital equation)?
Transcribed Image Text:Given the following cost function for a firm operating in a competitive market, C=q° (wv) , what is the (quantity contingent) long run labor demand equation and the equation for long run firm supply (again, no need for the demand for capital equation)?
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