Write out a Cost Function for a firm whose only input is labor? What about at a specific level of quantity? Write out a Cost Function for a firm who uses both capital and labor in the short run? What is their marginal cost? What is their fixed cost? Write out a Cost Function for a firm who uses both capital and labor in the long run? How does your answer change between a firm with and without annual expenses? What is their marginal cost? How can you utilize cost to determine where the firm's supply curve begins?.
Write out a Cost Function for a firm whose only input is labor? What about at a specific level of quantity? Write out a Cost Function for a firm who uses both capital and labor in the short run? What is their marginal cost? What is their fixed cost? Write out a Cost Function for a firm who uses both capital and labor in the long run? How does your answer change between a firm with and without annual expenses? What is their marginal cost? How can you utilize cost to determine where the firm's supply curve begins?.