Business, 07.06.2020 03:00 makennskyee7114

. Suppose the demand for the product increased in such a way that the product price rose to $4. Find the equation for the firm’s new demand curve for labor. What would be the new optimal level of labor assuming W stays at $10? 20b. In the short run, by definition, the capital stock is fixed. Show what would happen to the demand for labor if the capital stock were fixed at 20 units instead. Find the equation for the firm’s new demand curve for labor. What would be the new optimal level of labor, assuming W stays at $10? 20c. Finally, show what would happen to the firm’s demand for labor if labor became more productive so that the production function could now be represented by the formula Q = 2KL − 0.025KL2 , which would make the marginal product expression at K = 10 MPL = 20 − 0.5L. Find the equation for the firm’s new demand curve for labor. What would be the new optimal level of labor assuming W stays at $10?

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