Problem
1. Explain each term in the profit function for a firm.
2. What rule do firms follow to determine how much of each input to hire in order to maximize profits? in the production function cannot be measured directly? How is it measured
3. Explain the two characteristics of the CobbDouglas production function that make it particularly useful to macroeconomists.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.