How is elasticity related to revenue

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Q. Production function is Y = 10N. Household's utility function is ln (c) + 2ln (l). Denote wage rate by w and assume total time endowment of household is 1. Find firm's labour demand and supply functions and equilibrium of economy.

Q. How is elasticity related to revenue? How is diminishing marginal returns related to cost? How are revenues and costs related to profit?

Reference no: EM1372501

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