Could you tell me, what FOC means.
please help me with two questions.
a) How do I solve the following FOC for x:
-(1 + v) * (k * x)^v - D * ln[1 - p] * (1 + x * ln[1 - p]) * (1-p)^x = 0
b) Is there a program available to solve this type of question?
Thank you very much in advance. Best regards - Peter T.