2. A seller's production function is q = f(k,1) = (kl), w = v = 1, and the competitive output price is P. For all parts going forward, assume we are in the long run and all inputs are variable. e. Find the profit-maximizing q. f. Find unconditional demand for labor. g. Find the profit function.

2. A seller's production function is q = f(k,1) = (kl), w = v = 1, and the competitive output price is P. For all parts going forward, assume we are in the long run and all inputs are variable. e. Find the profit-maximizing q. f. Find unconditional demand for labor. g. Find the profit function.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter11: Profit Maximization

Section: Chapter Questions

Problem 11.3P

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2. A seller's production function is q = f(k,1) = (kl), w = v = 1, and the competitive
output price is P.
For all parts going forward, assume we are in the long run and all inputs are variable.
e. Find the profit-maximizing q.
f. Find unconditional demand for labor.
g. Find the profit function.

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