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work using the MRS or MRTS and please show that the profit function is homogenous of degree 1. please subsitute the value of the MRS
work using the MRS or MRTS and please show that the profit function is homogenous of degree 1. please subsitute the value of the MRS in the production function to derive the demand equation thank you.
Given the production function y = f(X1,X2) = allnx, + azlnx2, find: a The factor demand functions. (10 marks) b The supply function.(5 marks) The profit function. (7 marks) ) Demonstrate the degree of homogeneity of the profit functionStep by Step Solution
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