What restriction must be imposed on

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Reference no: EM132196723

Question: Suppose that c = 0, the discount factor is , and demand is constant elasticity, y = p^(elasticity).

(a) Write the equilibrium conditions for the competitive Ã-rm and the monopoly in this case.

(b) In order for the monopoly equilibrium condition to be sensible, what restriction must be imposed on ? Provide the economic explanation for this restriction.

Reference no: EM132196723

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