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Prove simultaneously by induction that, for all k, the value function Vk(xk) is indeed monotonically nondecreasing a sa function of xk, that the optimal price Β΅ β k (xk) is monotonically nonincreasing as a function of xk, and that Vk(xk) is given in closed form by
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Prove simultaneously by induction that, for all k, the value function Vk(xk) is indeed monotonically...
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