A competitive o¨rm produces nonnegative output quantities z

Reference no: EM13327321

A competitive O¨rm produces nonnegative output quantities z ∈ R^n of n di§erent goods, using as inputs the nonnegative quantities x ∈ R^n of the same n goods. For each good i = (1, ..., n); define yi = zi - xi as the net output of good i; and let pi be the price of good i. Hence, the net output (netput) vector is y ∈ R^n Calculate the firm's revenue and its cost. Verify that the firm's profit is given by π = p · y.

Reference no: EM13327321

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