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Answer to Question #77855 in Microeconomics for kelvin

Question #77855
using the profit function; π=P²/√wr, show that the profit function is positively and linearly homogeneous in both and output prices
Expert's answer
Profit in the accounting sense of the excess of revenue over cost is the sum of two components: normal profit and economic profit.
Homogeneous describes things that are all of the similar kind.

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