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The production function for a firm is expressed as follows:
Q = 800K - K2 +5KL - 7750L + 10,000
Where Q is quantity of units manufactured, K and L are units of capital and labour used respectively.
Determine
i) The units of capital and labour that the firm should hire to maximize output. [As usual, you are expected to check the 2nd order condition]
ii) Maximum output
is it just assumed that a monopoly graph is showing economic profit instead of accounting profit
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How do you calculate marginal revenue, and monopolistic profit?
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