What is the relationship between the marginal cost and the slope of the cost function? O There is no relationship. They are the same. O Marginal cost is the negative reciprocal of the slope.

What is the difference between a fixed input and a variable input?

Average cost curves (except for avenge fixed cost) tend to be U-shaped, decreasing and then increasing. Marginal cost curves have the same shape, though this may be harder to see since most of the marginal cost curve is increasing. Why do you think that average and marginal cost curves have the same general shape?

What is a production function?