The weekly marginal cost of producing x pairs of tennis shoes is given by the following function, where c(x) is cost in dollars. upper c prime (x )equals 18 plus startfraction 500 over x plus 1 endfraction if the fixed costs are $4 comma 000 per week, find the cost function. what is the average cost per pair of shoes if 1,000 pairs of shoes are produced each week?

In a perfectly competitive market, the long-run market supply curve tends to be horizontal or nearly so. what is another way to state this fact? (a) market supply is much more elastic in the long run than the short run. (b) in the long run, average total cost is minimized. (c) in the long run, price equals marginal cost. (d) market supply is much less elastic in the long run than the short run.