Lewis Daniel
10/09/2024 · Primary School
1. MWG 5.C. \( 9^{\text {A }} \) Derive the profit function \( \pi(p) \) and supply function (or correspon- dence) \( y(p) \) for the single output technologies whose production functions \( f(z) \) are given by: (a) \( f(z)=\sqrt{z_{1}+z_{2}} \). (b) \( f(z)=\min \left\{z_{1}, z_{2}\right\} \). (c) \( f(z)=\left(z_{1}^{\rho}+z_{2}^{\rho}\right)^{\frac{1}{\rho}} \), for \( \rho \leq 1 \).
Upstudy ThothAI Solution
Tutor-Verified Answer
Quick Answer
为了推导单一产出技术的利润函数和供给函数,需要考虑生产函数、成本和价格。对于不同的生产函数,推导过程如下:
(a) 对于 \( f(z) = \sqrt{z_1 + z_2} \),利润函数为 \( \pi(p) = p \cdot \sqrt{z_1 + z_2} - (w_1 z_1 + w_2 z_2) \),供给函数通过优化利润得到。
(b) 对于 \( f(z) = \min \{ z_1, z_2 \} \),利润函数为 \( \pi(p) = p \cdot \min \{ z_1, z_2 \} - (w_1 z_1 + w_2 z_2) \),供给函数通过最大化利润得到。
(c) 对于 \( f(z) = (z_1^\rho + z_2^\rho)^{\frac{1}{\rho}} \),利润函数为 \( \pi(p) = p \cdot (z_1^\rho + z_2^\rho)^{\frac{1}{\rho}} - (w_1 z_1 + w_2 z_2) \),供给函数通过最大化利润得到。
Step-by-step Solution
Answered by UpStudy AI and reviewed by a Professional Tutor
UpStudy ThothAI
Self-Developed and Ever-Improving
Thoth AI product is constantly being upgraded and optimized.
Covers All Major Subjects
Capable of handling homework in math, chemistry, biology, physics, and more.
Instant and Accurate
Provides immediate and precise solutions and guidance.
Try Now
Ask Tutors
Ask AI
10x
Fastest way to Get Answers & Solutions
By text
Enter your question here…
By image
Re-Upload
Submit