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Economics

Consider the problem of maximizing the profit function (pi)= pY -wL subject to the production function Y= L to the alpha (as the exponent) where alpha E (epsilon) (0,1). derive the profit function and confirm that Hotellings Lemma is met. What happens if alpha = 1?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M9305593

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