The cost function of Firm X which produces product 1 and product 2 is shown as follow:
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Question:
The cost function of Firm X which produces product 1 and product 2 is shown as follow:
C(q1,q2 )=2000+4q12 +20q2 +0.5q1q2
If 25% of the total products are product 1 and the remaining are product 2, calculate the Ray average cost andIncremental cost for product 1.
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