Question: Consider a single output case in which z is the input vector, q = f(z) is the units of the output. The vector of input
Consider a single output case in which z is the input vector, q = f(z) is the units of the output. The vector of input prices w are strictly positive. Show that if the production function f(z) is concave, then the cost function c(w, q) is convex function of q, i.e., marginal costs are non-decreasing in q.
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