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Derivation of profit function.

Assume which firm faces the following production function, f (L) =2L0.5 .Furthermore, although the firm cannot set wages, it can set prices, and its inverse demand curve is p=10-f (L). The firm pays workers a wage of $1.prepare down the profit function for this firm.

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M917894

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