I was hoping someone could show me a walk-through of this problem:
A Genealogical firm called "Greats" produces output using only one input. It's production function is: f(x)= *square root* x
A. Does the firm have: increasing, constant, or decreasing returns of scale?
B. How many units of output does it take to produce 10 units of output? ____ If the output costs "w" per unit, what does it cost to produce 10 units of output? ___
C. How many units of input does it take to produce "y" units of output? ____ if the input costs "w" per unit, what does it cost to produce "y" units of output? ____
D. If the input costs "w" per unit, what is the average cost of producing "y" units? AC(w,y) = _________
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