Question: Given the following information: a) Set up the primal problem of a price taker. b) Define, explain and execute the process that you will follow

Given the following information:

Technology: [a] = [ 252 i 1,2; j = 1,2,3 -1 4

a) Set up the primal problem of a price taker.

b) Define, explain and execute the process that you will follow to set up the dual problem of a price taker (must define T C,MC, and MR).

Technology: [a] = [ 252 i 1,2; j = 1,2,3 -1 4 3 b = 30 Input supply: Output market: C2 C 2 b =12 prices C3 4

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