LG6 - Can you derive and graph the isoprofit lines? What...

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University of Wisconsin Department of Economics Economics 301: Intermediate Microeconomic Theory Korinna K. Hansen Learning Guide 6 Due Date: Monday, March 24, 2008 Reading Assignment: Varian Chapter 19. Problem Assignment: Problems 1, 2. 3, 6, and 7 on page 350. Objectives: After completing the assignment you should be able to do the following: 1. Be able to describe the profit function for a firm. 2. Be able to define short run versus long run in producer theory. 3. Be able to define and graph the short run equilibrium problem for a firm.
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Unformatted text preview: Can you derive and graph the isoprofit lines? What happens as the wage for factor 1, w 1 , or factor 2, w 2 , increase or decrease, or as the price of the output p changes? 4. Be able to define and graph the long run equilibrium problem for a firm. Can you describe the factor demand curves? 5. Be able to graph and describe how we can use revealed profitability at different sets of prices to estimate the shape of a technology....
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