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Q. Assume the manager of a industry operating in a competitive marketplace has estimated the industry's standard inconsistent cost function to be AVC = 10-0.03Q + 0.00005Q2, Total fixed cost $600.
a) illustrate what is the corresponding marginal cost function?b) at illustrate what o/p is AVC at its minimum?c) Illustrate what is the minimum value for AVC?
if the forecasted price of the industry's o/p is$10 per unit :a) how much o/p will the industry produce in short-run?b) how much profit (loss) will the industry earn?
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