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Labour market and perfect competition

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Reference no: EM132481995

Labour Demand with Perfect Competition in the Labour Market and Perfect Competition in the Output Market in Short Run.

You are the manager of a business that operates in perfectly competitive markets {both the Labour Market and Output Market}. The production function of the business is given by:

1/2?

Q = 40L? . The price of the product is 200. The wage rate is 40.

  1. Calculate the level of output and amount of labour hired by the firm.
  2. Derive the demand for labour (Hint: solve for L in terms of w).

Reference no: EM132481995

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