Suppose that the long-run total cost of producing y hundred bushels of corn on an acre of land is c(y) =(1 +y2)for y>0 and c(0) =0.
a. Write down a formula for the long-run average cost function per hundred bushels of corn from an acre of land.
b. At what level of output is long-run average cost minimized on an acre of land? Hint: The marginal cost is 2y
c. What is the lowest price per hundred bushels at which an acre of land will be used to produce corn?
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