Suppose the cost function is given by c(y) = 2y ² + 32

a) Draw the AC, AVC and MC curves one the same graph, Clearly label an point, where the curves intersect.

b) Find the short run supply curve and draw it (put p on the vertical axis and y on the horizontal axis)

c) Find the long run supply curve and draw it (put p on the vertical axis and y on the horizontal axis)

Answer rating: 100% (QA)

a Given total Cost function Cy2y232 ACCy2y32y AVCVariable part of Cy 2y2y2y MCdCdy4y b Since Fo... View the full answer