Short-Run profit maximization Suppose the firm is in a short-run circumstance in which X2= X2 Its short-run production function is y=f(x1,X2) The firms fixed cost is FC=W2X2 and its profit function is ∏=py-W1X1-W2X2Suppose the firm is in a short-run circumstance in which Its short-run production function is The firm’s fixed cost is and its profit function is y = f(x ,x ~ ). 1 2  = py − w1 x1 − w2 x2 ~ . x2  x2 ~ . FC = w2 x2 ~ Short-Run Profit Maximization