producer theory Flashcards
1
Q
how to find marginal cost function
A
differentiate cost function
2
Q
how to find variable cost function
A
integrate marginal cost function
3
Q
what is average variable cost function
A
divide variable cost function by y
4
Q
how to find the smallest price above which the firm will supply a positive quantity of good
A
inequality: marginal cost function minus average variable cost function is greater than or equal to zero
