A firm has access to two production processes with the following marginal cost curves: MC1 = 0.4Q
Question:
A firm has access to two production processes with the following marginal cost curves: MC1 = 0.4Q and MC2 = 2 + 0.2Q.
a. If it wants to produce 8 units of output, how much should it produce with each process?
b. If it wants to produce 4 units of output?
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a The firm minimizes costs when it distributes production across the two processes so tha...View the full answer
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