Find the quantity supplied and the profits

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Reference no: EM13770240

Suppose c = wL + rK and q = L 1/3K 1/4 and perfect competition in all markets.

(a) Find the demand for labor and capital and the supply of q.

(b) If p = 8, w = 1 and r = 2, find the quantity supplied and the profits.

Reference no: EM13770240

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