I'm attempting to work on an econ problem, but I'm having trouble understanding the notation that the production functions are given in to even begin to attempt to solve the problem.
This is what is given (I've changed the numbers/variables a bit, I'm just looking to understand the process, not for someone to do my homework)
f = min[t, 1.05k] k = min[m, 2f]
t = m = 10
You are then prompted to graph the functions and find the non-zero equilibrium.
Does this just mean take the minimum of the two values?
Thanks for any help you can provide!