A production function of Q = af (L) (L=Labour) market wage rate = w price for...
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A production function of Q = af (L) (L=Labour) market wage rate = w price for a product is fixed at 1. (f'>0, f"<o) Get the profit function Get profit max condition. a is the technology level & optimal Labour = Lº. prove al 20, zw ->0. aL da 1888 πTº, Optimal profit as TT, get a and опо 29 A production function of Q = af (L) (L=Labour) market wage rate = w price for a product is fixed at 1. (f'>0, f"<o) Get the profit function Get profit max condition. a is the technology level & optimal Labour = Lº. prove al 20, zw ->0. aL da 1888 πTº, Optimal profit as TT, get a and опо 29
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1 Production Function The production function is given by Q aFL where Q is the quantity of output a ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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