(Answered) A firm with qk12l12nbspsells output at p8 and hires inputs

Management Studies

A firm with q=K^1/2L^1/2sells output at p=8 and hires inputs at w=1 and r=4. Short run K=4.

a) Derive the firms TP_{L Curve}

b) Provide an isoprofit analysis to illustrate and quantify the firms maximizing levels of employment and output

c) On the same diagram, illustrate and quantify how this firm would behave if the price of output declined to 2.

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Business Management, Management Studies

Category:- Business Management
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