Consider the problem of maximizing profit π =pY-wL subject to the production function
Question: Question 4: Consider the problem of maximizing profit \(\pi =pY-wL\) subject to the production function \(y={{L}^{\alpha }}\), with \(\alpha \in \left( 0,1 \right)\). Derive the profit function and confirm that Hotelling’s Lemma holds.
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Deliverable: Word Document
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