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A purely competitive firm has a single variable input L (labor), with the wager rate W_0 per period. It's fixed inputs cost the firm a total of F dollars per period. The price of the product is P_0. W

A purely competitive firm has a single variable input L (labor), with the wager rate W_0 per period. It's fixed inputs cost the firm a total of F dollars per period. The price of the product is P_0. Write the production function, revenue function, cost function, and profit function of the firm. (P_0 is P subscript O and W_0 is W subscript O. Sorry, I do not have subscript and superscript on my phone.)

May 12 2021 View more View Less

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