Derive the profit function 7(p) and supply function (or correspondence) y(p) for the single-output technology whose production functions f(2) are given by i. f(z) = v21 + %2 ii. f(2) = /min{21, 2} iii. f(2) = (2{ + z6)i for p < 1.

Derive the profit function 7(p) and supply function (or correspondence) y(p) for the single-output technology whose production functions f(2) are given by i. f(z) = v21 + %2 ii. f(2) = /min{21, 2} iii. f(2) = (2{ + z6)i for p < 1.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

1. Derive the profit function T (p) and supply function (or correspondence)
y(p) for the single-output technology whose production functions f(z) are
given by
i. f(z) = Vz1 + 2
ii. f(2) = /min{21, 2}
iii. f(2) = (z{ + z5)ô for p< 1.

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