Interpret the primal in economic terms

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Reference no: EM131483827

Question: Given the input supply functions of a pure monopsonist, p_s = g + G_s where G is a symmetric positive semidefinite matrix, and given the following primal problem:

min TCMO = s' Gs

subject to A'y ≥ c

g + 2Gs ≥ y

s ≥ 0, y ≥ 0

(a) Derive the dual problem and give a complete economic interpretation (use the symbols x and s for the dual variables of the primal constraints).

(b) Now, interpret the primal in economic terms.

Reference no: EM131483827

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