Question: a) Within the framework of the neoclassical theory, write down the optimization problem for a representative firm and show the profit-maximizing point graphically and discuss

  1. a) Within the framework of the neoclassical theory, write down the optimization problem for a representative firm and show the profit-maximizing point graphically and discuss about it.

b) Derive the rule of labor hiring for a firm that operates in the short-run.

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