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A producer’s production function is q=6K^(1/3)L^(1/2). The market price for the firm’s output is p, the cost of capital is $4 per unit used and the cost of labor is $3 per unit.
a. Write an equation for the firm’s long-run profit.
b. Find the factor demands for the two inputs.
c. Find an equation for the supply function of the firm and graph it.
d. If the price of the firm’s output is p=2, what are the firm’s level of output and profit?
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A competitive firm’s production function is y = 6√ x1 + 8√ x2. The price of factor 1 is $1 and the price of factor 2 is $4. The price of output is $8. How much of each factor should the firm use to maximize its profit? How many units of output will t..
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