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Results tagged with cost-functions
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Can the Average Cost Curve have a different shape other than U?
The U-shaped average cost curve follows from assuming an S-shaped (short-run) production function (i.e. $K$ is fixed and $L$ is variable), which has an initial convex segment representing increasing m …
- 16.1k
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Decision over "max" production function:
Hint
For profit maximization, either $x_1$ or $x_2$ (but not both) must be zero. If not, say $x_1^*>x_2^*>0$ at the optimum, then one could increase profit by lowering cost by reducing $x_2^*$ withou …
- 16.1k