E. Consider the following production function 1. q = A k° 19 p. What is the indirect profit function? q. Show that Hotelling's lemma holds.

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Chapter1: Making Economics Decisions
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E. Consider the following production function
1. q = A kº |B
p. What is the indirect profit function?
q. Show that Hotelling's lemma holds.
r. Let k is constant at ko=1
a. What is the contingent labor demand curve?
b. What is the indirect cost function?
c. What is the firms supply curve?
d. If there are identical 1000 firms, then what is the market supply curve?
Transcribed Image Text:E. Consider the following production function 1. q = A kº |B p. What is the indirect profit function? q. Show that Hotelling's lemma holds. r. Let k is constant at ko=1 a. What is the contingent labor demand curve? b. What is the indirect cost function? c. What is the firms supply curve? d. If there are identical 1000 firms, then what is the market supply curve?
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