Uncategorized
Find the average cost function. What is the efficient scale of production? Illustrate it on your graph for the previous part by drawing an appropriate secant line. What is the average cost at this scale?
Economics Microeconomics analysis 1 Convex-concave costs Consider the 1-input, 1-output technology defined by the cost function f (z) = {(z+1)2— 1, z<1 8-V.Z — 5, z> 1 1. Fix the […]
Share :