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Cost Curves
Suppose a firm has a total cost function
TC = 2/3Q3 -Q2 + 30Q
(a) Derive the mathematical expressions for the MC;ATC; and AV C:
(b) Determine the level of output where the average cost function reaches a minimum (the firmís capacity).
(c) Evaluate the marginal cost and average cost at the output level determined in part b
(d) Does the marginal cost slope upward at every point?
Highest average fixed cost at which the firm can produce any given level of outputd. lowest marginal cost at which the firm can produce any given level of output
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