Describe the profit maximizing input use

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A firm's production function is Q=f(L,K)=L^0,5*K^0,5 , where Q stands for output, L for labour, and K for capital. The firm is a monopolist in the output market but it hires the inputs in perfectly competitive markets at constant per unit prices w=4 and r=4 for labour and capital, respectively. The market demand function is Q=80-p. Determine the profit maximizing input use, the output price, and the monopolist's profit.

Reference no: EM1356995

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