Use Mathematical Induction to Prove That Any Integer Amount of Postage

question 3

Essay

Use mathematical induction to prove that any integer amount of postage from 18 cents on up can be made from an infinite supply of 4-cent and 7-cent stamps.

---

Definitions:

Short-Run Average Total Costs

The total production costs divided by the quantity produced when at least one input is fixed, typically analyzed in the short-run period.

Marginal Cost

The additional cost incurred by producing one more unit of a product or service, used in determining optimal production levels.

Short-Run Capacity

Refers to the maximum output a firm can produce under a given set of fixed and variable inputs within a short period.

Average Variable Cost

Average variable cost is the total variable cost divided by the quantity of output, showing the cost of producing one more unit of a good.