What are the average and marginal cost for all outputs

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Reference no: EM131004688

Consider the following cost relationships for a single-product firm: C(q) = 50 + 0.5q for q ≤ 7 C(q) = 7q for q > 7

a. Derive average and marginal cost for all integer outputs (from 1 to 7) less than or equal to 7.

b. What are the average and marginal cost for all outputs above 7?

c. Is there a minimum efficient scale of economies implied by these cost relationships? If so, what is it?

Reference no: EM131004688

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