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Economics
Microeconomics
Cost functions
If the long-run cost function is c(y) = y2 + 1, what is the long-run supply
curve of the firm?
1 answer
The long-run supply curve of the firm is the marginal cost curve, which is the derivative of the long-run cost function c(y) = y2 + 1. The marginal cost curve is MC = 2y.
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