Question
In: Economics
Consider a firm using the following long-run technology: q=f(x1,x2)=1/3ln(x1)+1/6ln(x2) Where output and input prices are given...
Consider a firm using the following long-run technology: q=f(x1,x2)=1/3ln(x1)+1/6ln(x2) Where output and input prices are given by the non-negative constant vector (p,w1=2,w2=1). Which of the following is the correct expression for the firm's optimized profit function π(p)?
- 1/2(ln(p/6)−1)
- 1/2p(ln(p/6)−1)
- 1/2p(ln(p/6)+1)
- 1/2(ln(p/6)+1)
- 1/2p(ln(p/6)+1)
- 1/2p(ln(p/6)−1)
Solutions
Rahul Sunny answered 2 years agoRelated Solutions
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Consider a perfectly competitive firm that produces output using a wellbehaved production function y = f(x1,x2)....
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0,
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