A perfectly competitive firm’s production function is q = 2L¹/² . If it is also perfectly competitive in the labor (input) market, which of the following represents its labor demand function?

A. Lᵈ = w / P
B. Lᵈ = [ P / w ]¹/²
C. Lᵈ = [ P / w ]²
D. Lᵈ = P / w

Question

09-06-2024
Business

Answered

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A perfectly competitive firm’s production function is q = 2L¹/² . If it is also perfectly competitive in the labor (input) market, which of the following represents its labor demand function?

A. Lᵈ = w / P
B. Lᵈ = [ P / w ]¹/²
C. Lᵈ = [ P / w ]²
D. Lᵈ = P / w

Sagot :

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A perfectly competitive firm’s production function is q = 2L¹/² . If it is also perfectly competitive in the labor (input) market, which of the following represents its labor demand function?A. Lᵈ = w / PB. Lᵈ = [ P / w ]¹/²C. Lᵈ = [ P / w ]²D. Lᵈ = P / w

Sagot :

Other Questions

A perfectly competitive firm’s production function is q = 2L¹/² . If it is also perfectly competitive in the labor (input) market, which of the following represents its labor demand function?

A. Lᵈ = w / P
B. Lᵈ = [ P / w ]¹/²
C. Lᵈ = [ P / w ]²
D. Lᵈ = P / w