{"id":22169,"date":"2016-07-28T07:37:23","date_gmt":"2016-07-28T07:37:23","guid":{"rendered":"http:\/\/essayparlour.com\/paperhelp\/uncategorized\/input-the-firm-buys-show-more-a-firm-has-the-production\/"},"modified":"2016-07-28T07:37:23","modified_gmt":"2016-07-28T07:37:23","slug":"input-the-firm-buys-show-more-a-firm-has-the-production","status":"publish","type":"post","link":"https:\/\/essayparlour.com\/paperhelp\/economics\/input-the-firm-buys-show-more-a-firm-has-the-production\/","title":{"rendered":"input. The firm buys&#8230; Show more A firm has the production"},"content":{"rendered":"<p>input. The firm buys&#8230; Show more A firm has the production function x = f (L) , where x is output and L is labor input. The firm buys the input in a competitive market. (a) Assuming the firm sells its output in a competitive market, show that setting output where price equals marginal cost is equivalent to setting labor input where input price equals marginal value product. (b) Assuming the firm is a monopoly, show that setting output where marginal revenue equals marginal cost is equivalent to setting labor input where input price equals marginal-revenue product. (c) What restriction do we have to impose on the production function to ensure the second-order conditions in problems (a) and (b) are satisfied? \u2022 Show less<\/p>\n<p><a href='http:\/\/essayparlour.com\/order'><img id='order_now' class='aligncenter' src='http:\/\/essayparlour.com\/wp-content\/uploads\/2016\/07\/8952039_orig.png' alt='Order Now' name='order_now'><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>input. The firm buys&#8230; Show more A firm has the production function x = f (L) , where x is output and L is labor input. The firm buys the input in a competitive market. (a) Assuming the firm sells its output in a competitive <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-22169","post","type-post","status-publish","format-standard","hentry","category-economics"],"_links":{"self":[{"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/posts\/22169","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/comments?post=22169"}],"version-history":[{"count":0,"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/posts\/22169\/revisions"}],"wp:attachment":[{"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/media?parent=22169"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/categories?post=22169"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/tags?post=22169"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}