Question a price taker on the final commodity market faces, Ask an Expert

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Question: A price taker on the final commodity market faces prices p = c. On the input side he behaves as a perfectly discriminating monopsonist on two distinct and separated markets. The input supply functions on each market are s₁ = b₁ + E₁y_{1 and}s₂ = b2 + E₂y₂, respectively, where the E_i matrices are symmetric positive semidefinite, i = 1, 2. This entrepreneur uses a linear technology A to produce his output.

(a) Formulate the appropriate primal specification giving a meaningful interpretation to each component.

(b) Derive the dual problem and interpret each component.

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