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What is expression for price

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Let the demand for goods produced by firm i be Yi= a - b (Pi/P) and let the production costs be cWYi where a, b and c are constants and where W is the wage.

What is profit here? What is expression for Price, Pi? [Hint as given by Instructor: Take derivative of profits wrt Pi and set equal to 0].

What factors determine the price that is optimally set by the firm?

Suppose that the production function is Y=AN. What is c and what is equation of price level in this case?

Reference no: EM131137787

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