A purely competitive firm has a single variable input  < (labor), with the wage rate.  W0 per period.  Its fixed inputs cost the firm a total of F dollars per period.  The price of the product is P0.   (a) write the production function, revenue function, cost function, and profit function of the firm. (b) what is the first-order condition for profit maximization ?       Give  this condition an economic interpretation. (c) What economic circumstances would ensure taht profit is maximized rather tahtn minimized?

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A:

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