Please answer very soon will give rating surely 3. Suppose that a firm uses L as an input, and its production function changes with L anda parameter a. Thus its profit is given byT = pf(L,a) – wL,where f is differentiable and increasing in a, and where p,w > 0. Using Envelope Theo-rem, find the derivative of the firm's maximal profit with respect to a and determine thesign of the derivative.

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Description: Please answer very soon will give rating surely 3. Suppose that a firm uses L as an input, and its production function changes with L anda parameter a. Thus its profit is given byT = pf(L,a) – wL,where f is differentiable and increasing in a, and whe

Let’s apply the above approach to an economic application, namely the profit function of a…

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Suppose that a firm uses L as an input, and its production function changes with L and a parameter a. Thus its profit is given by * = pf(L, a) – wL, where f is differentiable and increasing in a, and where p, w > 0. Using Envelope Theo- rem, find the derivative of the firm's maximal profit with respect to a and determine the sign of the derivative.

Suppose that a firm uses L as an input, and its production function changes with L and a parameter a. Thus its profit is given by * = pf(L, a) – wL, where f is differentiable and increasing in a, and where p, w > 0. Using Envelope Theo- rem, find the derivative of the firm's maximal profit with respect to a and determine the sign of the derivative.

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Please answer very soon will give rating surely

3. Suppose that a firm uses L as an input, and its production function changes with L and
a parameter a. Thus its profit is given by
T = pf(L,a) – wL,
where f is differentiable and increasing in a, and where p,w > 0. Using Envelope Theo-
rem, find the derivative of the firm's maximal profit with respect to a and determine the
sign of the derivative.

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