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Consider a production function as Y=axb and Variable Cost function (VC) = vx
(a) Give the inverse function of the production function and define the parameter b in the production function
(b) Calculate the Marginal cost
(c) If marginal revenue = P; solve for supply function
(d) Derived the elasticity of supply with respect to price (output)
q.prepare a word document that addresses each of the following questions as well as submit to your instructor.some
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