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For the production function in problem 1 A competitive firm has the following production function: y = 1 2 x 1 + x 2 2
For the production function in problem A competitive firm has the following production function:
a Find the firm's supply function the factor demand
functions and and the profit function
b Verify that is increasing in nonincreasing in homogeneous in and convex in if it is convex in
then it is also convex in c Verify Hotellings Lemma.
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