Question
5. (A Firm's Profit) Suppose that a firm produces 3 types of output, using 2 types of input. Its output quantities are given by
5. (A Firm's Profit) Suppose that a firm produces 3 types of output, using 2 types of input. Its output quantities are given by the column vector q= and their unit prices are given by and the input prices by [15, 0007 27,000 13,000 p= The amounts of inputs the firm uses are given by the column vector 11,000] 30,000 Z = 10 12 5 W = [20] 8 Using these data, find the expression of the firm's profit in a matrix form and compute the profit.
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Microeconomics Theory and Applications with Calculus
Authors: Jeffrey M. Perloff
3rd edition
133019934, 978-0133019933
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