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Find the average cost function. What is the efficient scale of production? Illustrate it on your graph for the previous part by drawing an appropriate secant line. What is the average cost at this scale?

Microeconomics analysis 1 Convex-concave costs Consider the 1-input, 1-output technology defined by the cost function f (z) = {(z+1)2— 1, z<1 8-V.Z — 5, z> 1 Fix the price of the input good at w = 1. 1. Find the total cost function. Plot it for quantities up to 10. Find the average cost function. […]

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