There are given: p> 0-a price of a product manufactured by a firm, c(x) = (C(x1), C2(x2))
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There are given:
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p> 0-a price of a product manufactured by a firm, c(x) = (C(x1), C2(x2)) > (0,0)-a vector of prices of production factors, ci (x;) = axi-a price of i-th production factor, proportional to the demand for i-th factor, X = (X1, X2) (0, 0)-a vector of inputs of production factors, y = f(x)-an output level described by an increasing, strictly concave and twice differentiable production function, r(y) = py-revenue (turnover) from sales of a manufactured product as a function of output level, r(x) = pf (x)-revenue (turnover) from sales of a manufactured product as a function of inputs of production factors,
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Related Book For
Microeconomics Static And Dynamic Analysis Springer Texts In Business And Economics
ISBN: 9783031105531
1st Edition
Authors: Krzysztof Malaga, Karolina Sobczak
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