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A firm produces output according to the production function Q=K^(1/2)L^(1/2). If it sells its output in a perfectly competitive market at a price of 10, and if K is fixed at 4 units, what is this firm's short-run demand curve for labor?
17. How would your answer to the preceding problem be different if the employer in question sold his product according to the demand schedule P = 20 - Q?

Macroeconomics, Economics

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