Question: Within the context of a price-taking firm, where the matrix A represents the technology to transform inputs into outputs, and the primal constraints are stated

Within the context of a price-taking firm, where the matrix A represents the technology to transform inputs into outputs, and the primal constraints are stated as in the familiar relation Ax ≤

b, to be read (D ≤ S),

a) Discuss, in economic terms, the meaning of basis B that establishes the system of equations BxB = b.

b) Explain, in economic terms, the meaning of the inverse matrix B−1.

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