Question: (b) Suppose you are optimizing a generic function in two variables that contains a parameter a, i.e. f(x,y, a). Explain what the Value Function V(a)

(b) Suppose you are optimizing a generic function in two variables

(b) Suppose you are optimizing a generic function in two variables that contains a parameter a, i.e. f(x,y, a). Explain what the Value Function V(a) is and why it is useful. [20 marks]

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