Which behavioral model is associated with the procedure

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Reference no: EM131166850

Duality theorem may be used to detrive the product supply functions and input demand functions as well as to determine comparative static results for various behavioural models in economics. Select one of these procedures - Hotelling's lemma, Shepard's lemma or Roy identity and answer the following questions:

a) Which behavioral model is associated with the procedure that you select?

b) Explain how to derive the input demand functions and/or the product supply function using selected model/proceudres.

c) Explain and interpret the important comparative static results from your model/procedures. Be sure to develop and interpret appropiate grahs to demonstrate your knowledge on these concepts.

Reference no: EM131166850

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