Costs--Where S(P) comes from © 1998,2007 by Peter Berck The Cost Function C(q) Output. Product firm sells Input. Goods and services bought by firm and used to make output. includes: capital, labor, materials, energy
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© 1998,2007 by Peter Berck
multiply by q(q+1)
Profits could be maximal at zero or at a “flat place”
like a or b. Thus finding a flat place is not enough to
ensure one has found a profit maximum