(Answered) Problem1 q al3 bl2 where q is output rate and l is labor

Economics

Problem

1. Q = AL3 + BL2, where Q is output rate and L is labor input.

Why it has to be a cubic function? Why there is no constant (intercept) in the function? Explain briefly in your own words.

2. Is the online retail (e.g. Amazon) qualified as a perfectly competitive market by the four market characters listed in the lecture note? If not, which character(s) is (are) not qualified? Discuss it briefly.

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