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Answer to Question #38933 in Microeconomics for sarah
Question #38933
Given that the total cost function is
TC = 100Q – Q^2 + 1/3 Q^3
Where Q=rate of output and TC=Total Cost
A. Determine the marginal and average cost functions
B. Calculate the output level that minimizes average cost
C. Calculate the output level that minimizes marginal cost
TC = 100Q – Q^2 + 1/3 Q^3
Where Q=rate of output and TC=Total Cost
A. Determine the marginal and average cost functions
B. Calculate the output level that minimizes average cost
C. Calculate the output level that minimizes marginal cost
Expert's answer
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