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One lumber producer may locate a plant in the same area. If it does, there will be more competition for labor and the labor supply function facing Northern will shift to w = 50 + 0.04L dan ME = 50 + 0.08L
Because of increased competition in the market for lumber, Northern demand function will become more elastic with the price elasticity of demand decreasing to -4.0.
Requirements
1. Determine the amount of labor that the firm should employ in order to maximize profit under this new labor market condition.
2. Determine the new wage rate that the firm will have to pay.
3. What price will the firm charge per unit of output?
What is Demand theory Demand theory demonstrates the relationship between demand for services andgoods. Demand theory is the building block of demand curve- a curve which estab
how much output should a firm produce? 80$ per unit C(Q)=40+8Q+2Qsquared
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