Remember that the average cost function is c(x)/x when looking for the lowest average cost per unit. This function's domain will include all positive x values. Then, by locating the first derivative's ...

The marginal costs are at their lowest at a 1000-unit production level. This means that making one more product is more expensive than it was previously. Profits are reduced as a result. How do you ...

Calculate the slope of the isoquant as a function of z 1 and z 2. c). Calculate Herongate Horses's conditional input demands for z 1 and z 2 as a function of y, when w 1 =5 and w 2 =20. d). Using your ...