[All Steps] Consider the problem of maximizing profit π=p Y-w L subject to the production function Y=L^alpha, where α ∈ (0,1). Derive the
Question: Consider the problem of maximizing profit \(\pi=p Y-w L\) subject to the production function \(Y=L^{\alpha}\), where \(\alpha \in(0,1)\). Derive the profit function and confirm that Hotelling's lemma is met. What happens if \(\alpha=1\) ?
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