Cnsider the following firm indirect cost function cvwq , Ask an Expert

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Consider the following firm (indirect) cost function: C(v,w,q) = 2(q·v·w)0.50. At q0 = 100, w = $20, v = $5, the (contingent) quantity demanded for labor input lc is what number? NOTE: write your answer in number format, with 2 decimal places of precision level; do not write your answer as a fraction. HINTS: Use the Shephard lemma to derive this firm contingent demand function for labor input. Show all steps.

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Business Economics, Economics

Category:- Business Economics
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