1. The market price for tomatoes is $2/pound. Lynn is too small to influence the price of tomatoes. Her tomato (short-run) production function is given by q-L where L measures hours of labor and q measures pounds of tomatoes. (a) demand curve for labor. Lynn hires labor from a competitive labor market. Find her short run (b) elastic than ber shorterun denand for labor? Fynlain vour aner Would you expect Lynn's long-run demand for labor to be more or less

Principles of Microeconomics (MindTap Course List)
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Author:N. Gregory Mankiw
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Chapter18: The Markets For The Factor Of Production
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The market price for tomatoes is $2/pound. Lynn is too small to influence
the price of tomatoes. Her tomato (short-run) production funetion is given by q = L
where L measures hours of labor and q measures pounds of tomatoes.
1.
(a)
demand curve for labor.
Lynn hires labor from a competitive labor market. Find her short run
(b)
elastic than her short-run demand for labor? Explain your answer.
Would you expect Lynn's long-run demand for labor to be more or less
Transcribed Image Text:The market price for tomatoes is $2/pound. Lynn is too small to influence the price of tomatoes. Her tomato (short-run) production funetion is given by q = L where L measures hours of labor and q measures pounds of tomatoes. 1. (a) demand curve for labor. Lynn hires labor from a competitive labor market. Find her short run (b) elastic than her short-run demand for labor? Explain your answer. Would you expect Lynn's long-run demand for labor to be more or less
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