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lecture15full - Recap 1 2 Profit functions with multiple...

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Unformatted text preview: Recap 1 2 Profit functions with multiple inputs Corner solutions on inputs on output 3 Cost minimization Conditional input demands Cost functions Short run input demand max px - wl - r k x,l subject to x = l 1/5 k 3/5 Short and long run input demand curves When k is set optimally, k = 34 5-5 w -1 r -4 Short and long run input demand curves 2 Short and long run supply curves Short and long run supply curves 2 Fixed Costs and Zero Profits Fixed Costs and Zero Profits 2 Aggregate Demand Aggregate Supply Long run equilibrium with a tax Short run equilibrium with a tax Short run equilibrium with a tax 2 Entry and exit ...
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This note was uploaded on 05/13/2010 for the course ECON 105D taught by Professor Cur during the Fall '09 term at Duke.

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lecture15full - Recap 1 2 Profit functions with multiple...

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