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Suppose you are an efficient expert hired by a manufacturing firm that uses two inputs, labor (L) and capital (K). The firm produces and sells a given output. You have the following information:
PL = Rs 4, PK = Rs 100, MPL = Rs 4, MPK = Rs 40.
a) Is the firm operating efficiently? Why or Why not?
b) What should the firm do?
Discuss the price output determination using profit maximization under perfect competition in the short run.
Equilibrium Income In this model, aggregate desired expenditure has three components: Consumption, Investment and Government Expenditure:
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Q. Explain Mark-up pricing? In addition to using above methods to conclude a firm's optimal level of output, a firm can also set price to maximise profit. Optimal markup rules
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