Answer to Question #67078 in Macroeconomics for Jamie

Question

I have some homework problems involving production functions, cost functions, and game theories. I attempted to complete the assignment, but need.some.help as I'm not sure of my solutions.

Answer 1

Production function relates physical output of a production process to physical inputs or factors of production.
The cost curve or function expresses production costs in terms of the amount produced.
Game theory is the study of mathematical models of conflict and cooperation between intelligent rational decision-makers.
Reference:
https://en.wikipedia.org/wiki/Game_theory