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{"ops":[{"insert":"34. Suppose the production function for a newly discovered product through research is given by Y = 100 (L - F ) where Y = output of the new product, L = labor input, and F = fixed amount of labor input required to invent the idea (cost incurred before the first unit of output\ncan be produced). Assume that there is no production if L < F ; and each unit of labor L costs a wage rate w.\n(a) Find the cost function C(y) that represents the minimum cost required to produce Y units of output.\n(b) Given a price P which the firm faces for each unit of output produced, show that the firm cannot make profit and operate in perfectly competitive market settings.\n"}]}
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