12.10 Suppose the total cost function for a firm is given by TC = (.5v + Wvw...
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12.10 Suppose the total cost function for a firm is given by TC = (.5v + Wvw + .5w)q.
a. Use Shephard's lemma to compute the constant output demand function for each in put, i£and L.
b. Use the results from part
(a) to compute the underlying production function for q.
c. You can check the result by using results from Extension E12.2 to show that the CEScost function with a = (3 = .5 generates this total cost function.
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Related Book For 
Microeconomic Theory Basic Principles And Extensions
ISBN: 9780030335938
8th Edition
Authors: Walter Nicholson
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