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发帖数: 98 | 1 A perfectly competitive, profit maximizing firm has the production function
y = K^1/4+L^1/4
Let p be the price of the output y; v the price of capital K, and w the
price of labor L:
(a) Determine the firm's input demand, supply, and profit functions.
(b) Detemine the degree of homogeneity of the profit function in prices.
Does the result surprise you? why or why not? |
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