Question: 1. Two of the most important quantities we've discussed with respect to cost minimization are the rate of technical substitution and the price ratio. How

1. Two of the most important quantities we've discussed with respect to cost minimization are the rate of technical substitution and the price ratio. How do they each appear in our input graph, and why are the points where they are equal interesting?

2. If there are 6 identical potential firms with MC(q) = 2q and minAC = 5, and an infinite number of potential firms w/ MC(q) = 3q and minAC of 10, what is the long-run supply curve?

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