Derive the dual problem and interpret each component

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Reference no: EM131483821

Question: A pure monopolist on two distinct and separated final commodity markets faces prices p₁ = c₁ - D₁x₁ and p₂ = c₂ - D₂x₂, respectively, where Di are asymmetric positive semidefinite matrices, i = 1, 2. On the input side he behaves as a perfectly discriminating monopsonist on two distinct and separated markets. The input supply functions on each market are s₁ = b₁ + E₁y_{1 and}s₂ = b₂ + E₂y₂, respectively, where the E_i matrices are symmetric positive semidefinite, i = 1, 2. This entrepreneur uses a linear technology A to produce his output.

(a) Formulate the appropriate primal specification, giving a meaningful interpretation to each component.

(b) Derive the dual problem and interpret each component.

Reference no: EM131483821

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