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Homework answers / question archive / The cost function of Firm X which produces product 1 and product 2 is shown as follow: C(?q1?,q2?? )=2000+4?q12?? +20?q2?? +0
The cost function of Firm X which produces product 1 and product 2 is shown as follow:
C(?q1?,q2?? )=2000+4?q12?? +20?q2?? +0.5?q1?q2??
If 25% of the total products are product 1 and the remaining are product 2, calculate the Ray average cost and Incremental cost for product 1.