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Suppose a firm produces an output measured in units q

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Suppose a firm produces an output measured in units Q. The cost of producing Q units is given by the cost function C(Q) = aQ2 + bQ + c, where you can assume a > 0,b > 0,c > 0. In Economics we also think about cost per unit (average cost) given by: AC(Q) = C(Q) divided by Q. Economists also estimate the cost of producing 1 more unit of output by what we call marginal cost given by: MC(Q) = C′(Q). Use calculus to help you graph both the AC(Q) and MC(Q) functions in one diagram and show that the MC(Q) function intersects the AC(Q) function from below at the point where AC(Q) is at its minimum.

Reference no: EM132323848

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