Question: SHOW ALL WORK. FOLLOW INSTRUCTIONS CAREFULLY Problem 3 (15 points) 5 Consider the following function y = :c2 + as: + 45 , where a

SHOW ALL WORK. FOLLOW INSTRUCTIONS CAREFULLY Problem 3 (15 points) 5

SHOW ALL WORK. FOLLOW INSTRUCTIONS CAREFULLY

Problem 3 (15 points) 5 Consider the following function y = :c2 + as: + 45 , where a > 0 is a parameter. a) What is the optimal value of m? b) What is the optimal value of y? c) Using Envelope theorem, what is change in optimal y due to change in the parameter a

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