Question: Envelope Theorem: Consider the Cobb-Douglas production function where a, B E (0, 1). (a) Find the long-run profit function for the firm, (p, w, r).

Envelope Theorem: Consider the Cobb-Douglas production function where a, B E (0, 1). (a) Find the long-run profit function for the firm, (p, w, r). (b) Use the envelope theorem to find: (i) the firm's supply curve (this result is called Hotelling's Lem (ii) the input demand for capital, and (iii) the input demand for labor

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