For the shadow-wage-rate model, let p, = 1, p2 = 2, a1 = 100, a, = 50

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For the shadow-wage-rate model, let p, = 1, p2 = 2, a1 = 100, a, = 50 b = 0.5, and L' = 1000. Calculate the optimal labor allocations, outputs, and the shadow wage rate. Write out the value function and confirm the results for the derivatives of this function numerically

Posted Date: Jun 13, 2024 01:04 AM

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For the shadow-wage-rate model, let p, = 1, p2 = 2, a1 = 100, a, = 50

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