9. Average total cost is $520 for the quantity being produced.
140. What is produced when labor is 9 and capital is 16?
11. Suppose Bill views butter and margarine as perfectly substitutable for each other. His utility function is U(b,m) = bm. Are these indifference curves convex (draw indifference curve with given information above)? And why?
12. Suppose a firm has a cost function C(q) = 4q^2 + 16.
a. Find its variable cost, fixed cost, average total cost, average fixed cost, average variable cost.
b. Find the output level that minimizes average total cost and corresponding value of average total cost (ATC) where marginal cost is 8q (MC = 8q).