Suppose that wood industry is a perfectly competitive industry that involves 240 identical firms. The production functio

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Suppose That Wood Industry Is A Perfectly Competitive Industry That Involves 240 Identical Firms The Production Functio 1 (69.78 KiB) Viewed 47 times

Suppose that wood industry is a perfectly competitive industry that involves 240 identical firms. The production function of each of these identical firms is as follows: where K denotes capital and L denotes labor with the corresponding prices: PK 12 and P₁ = 9. Suppose that capital is fixed K-3 and market demand function is given as follows: = QD 2,000 - 80P What is the equilibrium price and quantity, respectively? OP=7, q=6 KLZ 9 = KLZ P=13, q=4 OP=10, q=5 OP=16, q=3