The builder of the Inneall machine of Example 9.41 is prepared to offer the widget...
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The builder of the Inneall machine of Example 9.41 is prepared to offer the widget manu- facturer a trade-in W(T) on the purchase of a new machine. Write an expression for the long-run average cost given this trade-in function. Now, using the parameters of Example 9.41 find the value of T that minimises the long-run average cost of the trade-in function is given by W (T) = 3 -T/2. (Comment: this is an advanced problem). The builder of the Inneall machine of Example 9.41 is prepared to offer the widget manu- facturer a trade-in W(T) on the purchase of a new machine. Write an expression for the long-run average cost given this trade-in function. Now, using the parameters of Example 9.41 find the value of T that minimises the long-run average cost of the trade-in function is given by W (T) = 3 -T/2. (Comment: this is an advanced problem)
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