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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?
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