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Consider the following production function yf ( z ) z / 2 / 2 Assuming that the price of output is p and the prices
Consider the following production function yfz z Assuming that the price of output is p and the prices of inputs are w and w respectively, a State the firm's profit maximization problem mark b Derive the firm's factor demand functions for z and z marks c Derive the firm's supply function. marks d Derive the firm's profit function. marks e Verify Hotelling's Lemma for qwp zwp and zwp
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