At the beginning of each month, a company orders raw material from one of its three...

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At the beginning of each month, a company orders raw material from one of its three suppliers. The price (1000€) charged by supplier for an order of size az (t) is given by function fi: Supplier 1: fi: R++ → R++, f(x) = 1+x0.8, Supplier 2: f2 R++ → R++, f₂(x) = 1.2 +20.6, Supplier 3: f3: R++ → R++, ƒ3(x) = 1.8+z⁰4. (a) Show that each supplier's price function is concave. (b) Determine the company's cost function g, which gives the price (1000€) that the company must pay for an order of size z (t). Utilize Wolfram Alpha. (c) Plot the suppliers' price functions and the company's cost function in the same figure. (d) Prove that the company's cost function is concave. At the beginning of each month, a company orders raw material from one of its three suppliers. The price (1000€) charged by supplier for an order of size az (t) is given by function fi: Supplier 1: fi: R++ → R++, f(x) = 1+x0.8, Supplier 2: f2 R++ → R++, f₂(x) = 1.2 +20.6, Supplier 3: f3: R++ → R++, ƒ3(x) = 1.8+z⁰4. (a) Show that each supplier's price function is concave. (b) Determine the company's cost function g, which gives the price (1000€) that the company must pay for an order of size z (t). Utilize Wolfram Alpha. (c) Plot the suppliers' price functions and the company's cost function in the same figure. (d) Prove that the company's cost function is concave.

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a Each suppliers price function is concave because ... View the full answer