Answer
(a) The rate at which the cost is changing per ounce of gold produced; dollars per ounce
(b) When the 800th ounce of gold is produced, the cost of production is $17/oz.
(c) Decrease in the short term; increase in the long term
Work Step by Step
(a) The rate at which the cost is changing per ounce of gold produced; dollars per ounce
(b) When the 800th ounce of gold is produced, the cost of production is $17/oz.
(c) Decrease in the short term; increase in the long term