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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 ...
4. If all firms minimize costs and face the same input prices but different production functions, then all firms will use inputs in the same proportion. 5. The horizontal summation of the LMC(y) ...