Deriving the first order condition

[bubbles930]

Firm 1 has a profit function of:

I would like some help proving that the first order condition of this function is:

If anyone could provide some steps to at least get me started, that would be great

 

[Steven G]

It looks like a product to me so maybe use the product rule?
Show us your work so we know where you need help.

 

[bubbles930]

It looks like a product to me so maybe use the product rule?
Show us your work so we know where you need help.

In my studies we are taught the product rule as the following:


I understand the concept and aim of this formula, but am unsure as to how to put it into practice (It was only recently taught to me just before lock-down in my country took place).

Could you provide some help? The only clue I have is that something in the function somewhere may equal 1 at some point.

Cheers.

 

[Steven G]

You might understand the concept and aim of the product rule but you do not know the product rule at all. Please try again.

 

[bubbles930]

You might understand the concept and aim of the product rule but you do not know the product rule at all. Please try again.

that’s not that helpful to my issue. Could you provide at least some clarity. I can’t teach something I don’t understand to myself

 

[HallsofIvy]

Your formula includes "(l2- l2)". Was that an error?

 

[Steven G]

that’s not that helpful to my issue. Could you provide at least some clarity. I can’t teach something I don’t understand to myself

You do not have to understand a definition. You can look it up. What is the definition of the product rule?

 

[Steven G]

Your formula includes "(l2- l2)". Was that an error?

How did I miss that one?

 

[firemath]

How did I miss that one?

Corner....Corner....Corner...

(Where's Subhotosh?)

 

[Steven G]

Corner....Corner....Corner...

(Where's Subhotosh?)

He's in the corner.

 

[firemath]

He's in the corner.

You win. Free ticket from the corner.