Answer

The expression of the supply function for a given question can be derived by substituting the given value for alpha into the equation. In this case, the given value for alpha is 1, so the expression for the supply function is 𝑞 = min (𝑧1,𝛽𝑧2 ). This can be justified by the fact that when alpha is equal to 1, the equation is simplified to the degree that the power of z1 is reduced to 1, as any number to the power of 1 is equal to itself.

Supporting Subsections

Substituting Alpha

In order to derive the expression for the supply function, the given value for alpha must be substituted into the equation. In this case, the given value for alpha is 1, which means that the equation is simplified to 𝑞 = min (𝑧1,𝛽𝑧2).

Reduction of Power

Substituting the given value for alpha results in the power of z1 being reduced to 1, as any number to the power of 1 is equal to itself. This simplifies the equation to the degree that the expression for the supply function is 𝑞 = min (𝑧1,𝛽𝑧2).

Simplifying the Equation

Substituting the given value for alpha into the equation results in the equation being simplified to 𝑞 = min (𝑧1,𝛽𝑧2). This is because when alpha is equal to 1, the power of z1 is reduced to 1, as any number to the power of 1 is equal to itself.

Expression of Supply Function

By substituting the given value for alpha into the equation, the expression for the supply function is derived. In this case, the given value for alpha is 1, so the expression for the supply function is 𝑞 = min (𝑧1,𝛽𝑧2). This can be justified by the fact that when alpha is equal to 1, the equation is simplified to the degree that the power of z1 is reduced to 1, as any number to the power of 1 is equal to itself.

Related Questions

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