Rancher Profit Function: Π(X) = 100X – X² for 0 ≤ X ≤ 100
Farmer Utility Function: U(W,X) = (W)(100 – X) for 0 ≤ X ≤ 100
What is the efficient number of cattle to run?
Suppose the rancher gets to choose how many cattle to run, but the government charges him a
tax T on each cow. At what tax rate T* will the rancher choose to run the efficient number of
cattle?
Numbers and figures are an essential part of our world, necessary for almost everything we do every day. As important…
APPROVED BY CLIENTS
Finding a professional expert in "partial differential equations" in the advanced level is difficult.
You can find this expert in "Assignmentexpert.com" with confidence.
Exceptional experts! I appreciate your help. God bless you!
Comments
Leave a comment