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A competitive firm?s production function

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0606(ii) A competitive firm?s production function is f(x1, x2) = 6x1^1/2 + 8x2^1/2.;The price of factor 1 is $1 and the price of factor 2 is $4.;The price of output is $8.;a) What is the profit maximising quantity of output?;Show your workings.;b) How much profit will the firm make?

 

Paper#28568 | Written in 18-Jul-2015

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