- Question 1: Recall the model in class. There are only two skills required in a firm, denoted by x and y. Assume Specialist income
- Question 1: Recall the model in class. There are only two skills required in a firm, denoted by x and y. Assume Specialist income =maximum{x, y}, Entrepreneur income = G*minimum{x, y}, where G > 1 is the value of an entrepreneur. Case 1 (i1c x>y) was solved in class. Now solve for Case 2 (i1c xSy) with both math derivation and graph illustration
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