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Suppose a competitive firm has a production function: y = f(x1'x2) = min {361, 3362} What are the conditional demands xi and x; ? (i.e.,
Suppose a competitive firm has a production function: y = f(x1'x2) = min {361, 3362} What are the conditional demands xi\" and x; ? (i.e., express demand for each input as a function of output 3/). What is the cost function? What is the marginal cost? What is the supply relationship (make sure you explain the range of prices for which n > 0)
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