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1) Application of Minimum Value Functions. Derive Suppose the following Cobb-Douglas production function y = kxx, Derive the Cost Function. [Note the Cost Function is
1) Application of Minimum Value Functions. Derive Suppose the following Cobb-Douglas production function y = kxx, Derive the Cost Function. [Note the Cost Function is defined as C(w.y), where w is a vector of input prices and y is the output]. 2) Application of Consumer Theory. Derive and explain the Dual Problem of the Consumer Theory assuming that (, y) = xy and Pre + Pyy = B
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