Suppose You Solve the Profit Maximization Problem for a Single-Input

question 32

Essay

Suppose you solve the profit maximization problem for a single-input, price-taking producer whose technology is given by The labor demand function is
a.Suppose Might in fact be the correct labor demand function? Explain.
b.Suppose Might in fact be the correct labor demand function? Explain.
c.Intuitively explain how (b) might arise from the profit maximization problem.

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