Question: 3. A rm produces output, 3;, using hours worked by labour, 2:, according to the function y = a. The cost of labour is is

 3. A rm produces output, 3;, using hours worked by labour,

3. A rm produces output, 3;, using hours worked by labour, 2:, according to the function y = a. The cost of labour is is per hour. Each unit of output sells for 19 dollars. Assume cc 2 1 and p > a > k where a, k, p are positive constants. The rm is a pricetaker in a perfectly competitive market. (a) Write the rm's prot function, cost function, and revenue function. (b) Find all critical points according to the rstorder necessary condition. (c) Use the second derivative test to check whether this/these critical point(s) is/ are an extreme value and a maximum

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