Solved: Why does capital not appear in the production function, Microeconomics

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Why does capital not appear in the production function

Problem: Consider a firms short run decision to hire workers. assume that a firm produces goods for sale in a perfectly competitive market. labor markets are competitive as well. assume the production function is Q = 40L - 3L (squared). One unit of a good is sold for $2

Q1) Why does capital not appear in the production function?

Q2) Derive the short-run labor demand curve. (simply plug numbers in to approximate)

Q3) Assuming the wage rate is $25/hour, how many workers will this firm hire in the short run?

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Microeconomics: Why does capital not appear in the production function

Reference No:- TGS01749620

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Microeconomics: Why does capital not appear in the production function

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