Question
Please Answerer these short answer questions, I have been having some difficulty grasping the concept, thank you! -Please Describe why profit maximization doesn't imply maximizing
Please Answerer these short answer questions,
I have been having some difficulty grasping the concept, thank you!
-Please Describe why profit maximization doesn't imply maximizing output for a competitive firm
-Assume technical rate of substitution of labor for capital (TRSL,K) is 2. To keep output the same, how much can capital (K) be reduced if one more unit of labor (L) is added in production?
- Please Briefly describe what shutdown rule is for a profit maximizing firm.
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Macroeconomics
Authors: David C. Colander
10th edition
1259663043, 1259663048, 978-1259663048
