5 Suppose there is a firm with two divisions: an upstream division and a downstream division. One...
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5 Suppose there is a firm with two divisions: an upstream division and a downstream division. One unit of output from the upstream or production division is used for each unit of output of the downstream division. The upstream division is the only producer of the input for the downstream division. The cost functions for the two divisions are given by:
where P and M stand for the production and marketing divisions, respectively. The inverse demand for output produced by the marketing division is given by:
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