Question
The production function is π(π₯1, π₯2) = ππ(π₯1 + 1) + ππ(π₯2 + 1). Set up the firmβs profit maximization problem in the long run and find the long-run supply curve (as a function of p, π€1, and π€2). Then, sketch the long-run supply curve. Are there corner solutions?
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