3. The marginal product of input 1 derived from the production function y=min[az 1, bz 2], diminishes for increases in input 1. 4. If the average product is declining, then average total cost must be ...

How do you find the minimum point of average cost? To summarize, the average cost function was discovered by dividing the total cost by the number of units produced. By differentiating, we were able ...