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QUESTION
Assignment 5: Firms often face the problem of allocating an input in fixed supply among different products.
Determine the maximize profit. Determine total input availability.
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Hint: To maximize the profit by figuring out the optimal allocation of resources, we need to find the point where marginal profits per unit of input for each product are identical i.e., MπG = MπF
Firm’s Allocation Criteria 1 FIRM’S ALLOCATION CRITERIASTUDENT NAME:INSTITUTION:INSTRUCTOR:DATE: Firm’s Allocation Criteria 2 A firm often faces constraints in allocating an input in...