=+a. Normalize the price of output to be equal to 1 for the remainder of the problem
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=+a. Normalize the price of output to be equal to 1 for the remainder of the problem and let land rent and the wage be equal to r and w. Write down the firm’s profit maximization problem, taking into account that the firm has to hire both land and labor.
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Related Book For 
Microeconomics An Intuitive Approach With Calculus
ISBN: 9781337335652,9781337027632
2nd Edition
Authors: Thomas Nechyba
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