2. We have a profit function π : 3p (ln(3p/ w)-1) , where p is the product price, y, and w is the price of the supplies, x. a) Find the supply function of the product and demand for the supplies. (Hint: you use Hotelling’s lemma) Is it possible to set up the production function of the product? If so, do that. b) See if the profit function meets the properties of the profit-functions. Justify the results. You can find those properties here: https://www.colorado.edu/economics/morey/6808/profit-function.pdf
We offer the best custom paper writing services. We have done this question before, we can also do it for you.
- 100% non-plagiarized Papers
- 24/7 /365 Service Available
- Affordable Prices
- Any Paper, Urgency, and Subject
- Will complete your papers in 6 hours
- On-time Delivery
- Money-back and Privacy guarantees
- Unlimited Amendments upon request
- Satisfaction guarantee
How It Works
- Click on the “Place Your Order” tab at the top menu or “Order Now” icon at the bottom and a new page will appear with an order form to be filled.
- Fill in your paper’s requirements in the "PAPER DETAILS" section.
- Fill in your paper’s academic level, deadline and the required number of pages from the drop-down menus.
- Click “CREATE ACCOUNT & SIGN IN” to enter your registration details and get an account with us for record-keeping and then, click on “PROCEED TO CHECKOUT” at the bottom of the page.
- From there, the payment sections will show, follow the guided payment process and your order will be available for our writing team to work on it.