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picture1_Advanced Microeconomics Pdf 129020 | Lect2 Profits1


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File: Advanced Microeconomics Pdf 129020 | Lect2 Profits1
advanced microeconomics ivan etzo university of cagliari ietzo unica it dottorato in scienze economiche e aziendali xxxiv ciclo ivan etzo unica lecture 2 prot maximization 1 35 overview 1 the ...

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                      Advanced Microeconomics
                                  Ivan Etzo
                               University of Cagliari
                                 ietzo@unica.it
                 Dottorato in Scienze Economiche e Aziendali, XXXIV ciclo
        Ivan Etzo (UNICA)     Lecture 2: Profit Maximization             1 / 35
  Overview
   1  The model of profit maximization
   2  Short-run Profit-Maximization
   3  Long-run Profit-Maximization
   4  Profit maximization and Returns to Scale
   5  The Weak Axiom of Profit Maximization (WAPM)
       Ivan Etzo (UNICA)     Lecture 2: Profit Maximization             2 / 35
  The model of profit maximization
        Aim: to describe how the firm chooses the amount of output to
        produce and the production plan to employ.
        Weneed to make some assumptions regarding:
          1  The firm’s objective
          2  The output market
          3  The inputs market
        Ivan Etzo (UNICA)       Lecture 2: Profit Maximization               3 / 35
  Economic profit
        Afirm uses inputs x = 1,2,··· ,m to make products i = 1,2,··· ,n.
        Output levels are y1,··· yn.
        Input levels are x1,··· xm.
        Product prices are p ,··· p .
                            1      n
        Input prices are w ,··· w .
                          1      m
        Wewill study the profit-maximization problem of a firm that faces
        competitive markets for both factors of production and output.
        The competitive firm takes all output prices p ,··· p and all input
                                                      1      n
        prices w ,··· w   as given constants.
                1      m
        Ivan Etzo (UNICA)      Lecture 2: Profit Maximization                4 / 35
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...Advanced microeconomics ivan etzo university of cagliari ietzo unica it dottorato in scienze economiche e aziendali xxxiv ciclo lecture prot maximization overview the model short run long and returns to scale weak axiom wapm aim describe how rm chooses amount output produce production plan employ weneed make some assumptions regarding s objective market inputs economic arm uses x m products i n levels are y yn input xm product prices p w wewill study problem a that faces competitive markets for both factors takes all as given constants...

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