Final answer:
An understanding of the Cobb-Douglas production function is essential for calculating various elements like total production output and the marginal products of labor and capital. Although it is possible to discuss average production and marginal products, without cost data, the total cost function cannot be derived from the provided production function.
Step-by-step explanation:
The question asks about the Cobb-Douglas production function, which is a model that describes the relationship between inputs (labor and capital) and output in production. The provided function N(x, y) = 80 x⁰.⁶ y⁰.⁴ can be used to calculate the total production output (A), average production per unit of labor and capital (B), and the marginal products (C). However, as part D refers to cost, which is not part of the provided information (certain cost functions or data would be needed), that calculation cannot be made solely from the production function itself. The broader context for this discussion is understanding how a firm uses its inputs to create output and how this can be related to aggregate production functions on the scale of whole economies, as seen with GDP per capita as an output, where the inputs are then calculated on a per-person basis.