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I need someone who can EASILY explain how to get these answers.
They are correct. Please make it understandable and say why A would
be true in number 6. Thanks! You can solve for the production
function.

Question: I need someone who can EASILY explain how to get these answers.They are correct. Please make it ...

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Show transcribed image text Questions #5 and #6 refer to the information below: A perfectly competitive firm in both output and input markets produces its output using capital (K) and labor You are given cost minimizing, functions for TC (w q) its and L (w r, q): TTC (w L (w r, q) 12 2 Which of the following represents its profit maximizing labor demand elasticity a. 3/2. Which of the following is true? Its profit-maximizing demand for labor is wage inelastie. for any The output effect will dominate the substitution effect onlabor a. change in the rental rate of capital. c. Both (a) and (b) are true. d. Neither (a) nor (b) is true.

Questions #5 and #6 refer to the information below: A perfectly competitive firm in both output and input markets produces its output using capital (K) and labor You are given cost minimizing, functions for TC (w q) its and L (w r, q): TTC (w L (w r, q) 12 2 Which of the following represents its profit maximizing labor demand elasticity a. 3/2. Which of the following is true? Its profit-maximizing demand for labor is wage inelastie. for any The output effect will dominate the substitution effect onlabor a. change in the rental rate of capital. c. Both (a) and (b) are true. d. Neither (a) nor (b) is true.