What is the firm total cost function, average cost

Reference no: EM13902592

1. A firm has a fixed production cost of $5000 and a constant marginal cost of production of $500 per unit produced.

a. What is the firm's total cost function? Average cost?

b. If the firm wanted to minimize the average total cost, would it choose to be very large or very small? Explain.

Reference no: EM13902592

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