Solution-Discuss the optimal production plans

Discuss the optimal production plans

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Reference no: EM131582692

Question: Consider two price vectors q1 and q0 and the corresponding optimal production plans z1 and Zo Because z1 is feasible but not necessarily optimal for q0, it must yield a lower profit than Zo at this price vector. Using this observation, show that for any i, Δq_i, Δz_i ≥ 0 (e.g., for the first component of these vectors we have ΔpΔy ≥ 0, i.e., an increase in the price of output must yield an increase in supply).

Reference no: EM131582692

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Discuss the optimal production plans

Reference no: EM131582692

Reference no: EM131582692

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