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Herongate Horses produces saddles (y)using two inputs, leather (z1)and labour (z2). Herongate Horses' production function is given by: F(z1,z2)= (1/4)z1z2 . Suppose that z2 is fixed at 2.
i)Find Herongate Horses' total product function, TP(z1)when w1 = 5 and w2 = 20.
ii)Find Herongate Horses' variable cost function, VC(y). Find and graph the average variable cost function,
AVC(y).
Secondary Characteristics
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