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Lecture

ECO206_Fall10-11_Lec.10

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Department
Economics
Course
ECO206Y1
Professor
Christian Campbell
Semester
Fall

Description
Lecture 10 J November 17, 2010 Demand Individual opt. => demand function Supply side: utility Firm Production function Expresses relationship bw inputs & outputs Y = F(X1, 2 , 3 ,4X 7; X1, X2, 3 ;]L2o} ]o7L27 : Organization of Firm 1- Proprietorship: single person firm 2- Partnership 3- Publically-owned - Separation of ownership and management EX1: One-person firm S: service this person provides Y e: effort Y1income = e 1 Y 1e 1 S = f(e) = H slope = MRS Ps{s = revenue = income = 1 Assume P =s1 e U(e, Y) e* = es O H 2 H Want to max U(e, Y) s.t. Y 1e 1 EX2: PartnershipL2 individuals exactly alike (assumption) Preference, technology exactly alike e1+ e 2 y 1 y 2 assume equal partners, each entitled of income generated by the partnership www.notesolution.com
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