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Exercise 1 Question B3 (2010) function: A firm faces the following production The firm is perfectly competitive and hires its machines at a constant rental rate of r = 5 euros per hour and its workers at a constant wage rate of w 4 euros per hour. It can also sell as much output as it wishes at the ruling market price of P 40 euros. 1 Find the most profitable output, the profits at this output, and the corre- sponding capital and labour inputs. 2 How would the most profitable output change if P rose from 40 to, say, 60 (with input prices unchanged)? What does this tell us about the firms supply function (that is, Q as a function of P)? Does supply appear to be elastic or inelastic?

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