Set up and justify the corresponding primal problem

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Reference no: EM131483857

Question: The textbook discussion of monopsonistic behavior begins with stating the system of inverse input supply functions,P_s = g + G_s, where G is a symmetric positive semidefinite matrix. Assuming that a pure monopsonist is a price taker on the market for final commodities, with commodity prices p = c, and that he operates a single plant using a linear technology A,

(a) Set up and justify the corresponding primal problem.

(b) Derive the dual problem and explain its meaning as a whole and of each component.

(c) In particular, show the entrepreneur's profit and give an appropriate economic explanation of the dual objective function.

(d) Cast the problem as a linear complementarity problem.

Reference no: EM131483857

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