kathiewallentin2626 kathiewallentin2626

26-04-2024
Business

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Consider the following variation of the aggregate production function. Now firms must use oil M to produce output (in addition to labor and capital). The price of a unit of oil is p :
max Π = α β y
f AK L M - ωL-rK-pM
Find a first-order condition for the firm's demand for oil.

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