Q = AL3 + BL2, where Qis output rate and Lis labor input.
Why it has to be a cubic function? Why there is no constant (intercept) in the function? Please explain briefly in your own words.
2. Is the online retail (e.g. Amazon.com) qualified as a perfectly competitive market by the four market characters listed in the lecture note? If not, which character(s) is (are) not qualified? Please discuss it briefly.
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