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EXAMPLE: The profit function for Cobb-Douglas technology Consider the problem of maximizing profits for the production function of the form f(x) = x where a

EXAMPLE: The profit function for Cobb-Douglas technology Consider the problem of maximizing profits for the production function of the form f(x) = x where a > 0. The first-order condition is para -1 = w, and the second-order condition reduces to pa(a - 1)x-2

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