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{"ops":[{"insert":"Consider a competitive firm with the following profit function\n\nP = R - C = PQ - WL - rK; where P = Price of the output Q = Output L =\n\nLabor input K = Capital input w = wage rate for labor input r = rental rate for\n\n1 1\n\ncapital input and Q(K,L) = 16K713\n\nFind the input quantities K and L that satisfy the first order conditions for the profit maximization. Assume the parameter values are P = 4, w = 1, and r= 1. (b)\n\nCompute the profit maximizing output Q.\n\nCompute the maximum profit P.\n\nIf the wage rate w changes to w = 2, determine the new L.\n\n(e) If the rental rate r changes to r = 2, determine the new L.\n\n(f) If the output price P changes to P = 16, determine the new L.\n\n"}]}
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