Consider a firm where production depends on two inputs, Business Economics

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Consider a firm where production depends on two inputs

Consider a firm where production depends on two inputs labor and capital with prices w and r, respectively. Initially the firm faces market prices of w = 4 and r = 8. These prices then shift to w = 8 and r = 8. What is your prediction for the firm's change in the amount of labor demanded in the long-run?

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Business Economics: Consider a firm where production depends on two inputs

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