d). Using your answer to (c), find Herongate Horses's total cost function. Graph the total cost function, TC(y). Find and graph the long run average cost function, LAC(y). e). Suppose now that z 2 is ...
4. If all firms minimize costs and face the same input prices but different production functions, then all firms will use inputs in the same proportion. 5. The horizontal summation of the LMC(y) ...
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