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QUESTION
d as "derived?" Given the production function, prices, and fix capital, can you solve for the profit maximizing amount of labor hired by the firm, E*?...
Why is labor demand described as "derived?" Given the production function, prices, and fix capital, can you solve for the profit maximizing amount of labor hired by the firm, E*? How does the elasticity of demand for the firm differ from elasticity of demand for the industry?
