Illustrate it on your graph for the previous part by drawing an appropriate secant line.
Derive the firm’s supply correspondence for the output good as a function of the output price p. Microeconomics analysis 1 Convex-concave costs Consider the 1-input, 1-output technology defined by the cost function f (z) = {(z+1)2— 1, z<1 8-V.Z — 5, z> 1 Fix the price of the input good at w = 1. 1. … Read more