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answer the question 11

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11. Optimal choice of one variable input ([*) - given information on product price (P) and
factor price (wage rate = w) in a perfectly competitive product market and factor market
(conditions of optimality)
amSU
De bag )) asdigm noswind vill
Optimal quantity of labor (L*) is chosen when MRP = VMP = wage rate = w
(graph)
Marginal Product) and MIC

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