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Homework answers / question archive / Assume a firm has the following production function with inputs labor (L) and capital (K): q=1

Assume a firm has the following production function with inputs labor (L) and capital (K): q=1

Economics

Assume a firm has the following production function with inputs labor (L) and capital (K): q=1.L. K Assume that, in the short-run, the firm's capital is fixed at two units, K = 2. In addition. assume that the firm must pay a wage of $2 lw= 2) for each unit of labor that they hire in the short-run. If the firm's profit-maximizing level of output in the short-run is g = 3. what must be the price (p) that they can charge for each unit of output they produce? ? dollars

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