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Firms often face the problem of allocating an input in fixed supply among different products. Find the optimal crude oil allocation for the following example
Firms often face the problem of allocating an input in fixed supply among different products. Find the optimal crude oil allocation for the following example if the profit associated with square foot of fiber is cut to $0.375, while the profit associated with per gallon of gasoline stayed at $0.50.
What is gasoline marginal profit, given gasoline production function of
QG = 72MG
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