Its cost function is given by: C = (1/4)y 2 +1 a). Give an equation for and graph the firm's short-run supply curve. b). Give an equation for and graph the industry's long-run supply curve. c). If the ...

1. If marginal product is decreasing, then average product must also be decreasing. 2. For a fixed-proportion technology, inputs cannot be substituted for each other in production. 3. The marginal ...