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Is this a maximum or a minimum or an inflection point

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Reference no: EM131017513

Consider the following function:

y = f(x;a) = a2 + x - ax2

where a > 0 is a parameter.

1. Find the first order condition for a critical point of this function.

2. Is this a maximum or a minimum or an inflection point?

3. Solve for x* (a), the maximizer of the function f (x; a) :Also find y* (a), the maximized value of y as a function of a

4. Find dx*/da and dy*/da

5. Now use the FOC from 1 and the implicit function theorem to find dx*/da

6. Use the envelope theorem to find dy*/da . Why does this theorem allow you to simplify your calculations with respect to point 4?

Reference no: EM131017513

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