Question: Hello, I hav difficulty solving this math assignment 1) we have this profit function ( p , w , r ) = p y (

Hello,

I hav difficulty solving this math assignment

1) we have this profit function (p,w,r)=py(Xya+b1), where X is a constant that depends on w, r, a and b. First we have to solvey=0 for y. This y will be called y*.

2) Then we have to answer these solve these following questions:

Is the profit function (strictky) concave?

Have we found a unique maximum?

What conditios must there be for a+b, so that we can make sure that we have found a maximum?

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