=+b. Next, suppose that you are the only restaurant owner who is different from all the others in that you are a better manager and entrepreneur and that this is reflected in c 5 1.24573 for you.

Determine your long-run AC and MC functions. (Be careful not to use the cost function given in exercise 14.4 since c is no longer equal to 1. You can instead rely on the cost function derived for Cobb–Douglas technologies given in equation (13.43) in exercise 13.5 (and remember to add the fixed cost).)