Answer to Question #67927 in Microeconomics for Tolga Turan
Question #67927
TC=250+60Q-3Q2+0.10Q3 W-where TC is total cost and Q is quantity of output produced.
a)Write an algebraic expressions for the Average Total Cost ?
b)Determine the output level where AVC costs are minimized ?
c)Determine the output level where marginal cost are minimized ?
a)Write an algebraic expressions for the Average Total Cost ?
b)Determine the output level where AVC costs are minimized ?
c)Determine the output level where marginal cost are minimized ?
Expert's answer
a)ATC=250/Q+60-3Q+0.1
b)=-3+0.2Q
-3+0.2Q=0
Q=7.46
c)MC=60-6Q+0.2
-6+0.4Q
-6+0.4Q=0
Q=15
b)=-3+0.2Q
-3+0.2Q=0
Q=7.46
c)MC=60-6Q+0.2
-6+0.4Q
-6+0.4Q=0
Q=15
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