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a) The goal of the firm is profit maximization;- that is, the maximization of the difference p=R-C
Where p is profits
R is revenue
C is costs
b) The price of output is given Px
c) The price of factors are given
W is the given wage rate
R is the given price of capital services (rental price of machinery).
Wilfykil answered the question on March 20, 2019 at 10:31
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