By following these steps, you can.

For given input prices, the long.

C(q,w,r) = wl(q,w,r) + rk(q,w,r).

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Webthe total cost function is the minimum cost of production for a given level of output q,and input prices wand r:

Webthis could involve reducing fuel consumption, minimizing maintenance costs, or increasing the efficiency of your routes.

In figure 7. 15 we worked out how the firm would maximize profit by finding the values of p and q.

MAT140 Lesson 1: Linear Equations for Profit, Revenue, Cost - YouTube

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