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A pricemtaking rm produces a single output according to the production func' tion f(:v1,3:2). The price of output is p, the input prices are ml
A pricemtaking rm produces a single output according to the production func' tion f(:v1,3:2). The price of output is p, the input prices are ml = 202 = 1. For each of the following production functions, solve for the long~run factor demands and the longrun supply function. 1 (a) few) = mi (b) f(a:1,m2) = (min{4:1:1, mini (c) f(C1,ZC2) = V2371 + 33:2
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