A firm production function is given by q fkl kl12, Ask an Expert

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A firm production function is given by q = f(k,l) = k.l^1/2. Consider a short-run situation where the level of capital is fixed at k1. This firm’s profit function is of the form Π(p,v,w,k1) = a(w^b)(p^c)(k1^d) – vk1, where factor a is equal to [a]. (NOTE: write your answer in number format, with 2 decimal places of precision level; do not write your answer as a fraction. Add a leading zero when needed. HINTS: Use Hotelling’s lemma to derive this firm’s short-run supply function.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91722052

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