Define at what output is avc at a minimum

Reference no: EM13235267

1) Suppose the average variable cost equation for a competitive firm is given by:
AVC=10 - 2Q + 0.5Q2
a)At what output is AVC at a minimum?

b) If the market price of the firm's output is $7 per unit, should the firm produce or shut down?

Reference no: EM13235267

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