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Derivation of the short-run labour demand curve

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Reference no: EM132503104

The demand for labour in the short run can be derived by examining the firm's short-run output and employment decisions. Suppose in a perfectly competitive labour market, where the firm can hire more or less of the production factors without affecting the market price.

a) Explain step by step the derivation of the short-run labour demand curve.

b) Present and discuss the profit-maximizing decision rules for the employment of the variable input.

Reference no: EM132503104

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