What output level does the firms atc reach its minimum point

Reference no: EM133621012

Assignment:

Suppose that the cost function of some manufacturer is TC(q) = 160 + 8q + 10q^2.

a. Find expressions for the firm's ATC, AVC, AFC, and MC curves.

b. Sketch the ATC, AVC, and MC curves. At what output level does the firm's ATC reach its minimum point?

c. What can you say about the marginal product curve (for the variable factor; e.g., MPL) that must underlie this cost function? Briefly explain.

Reference no: EM133621012

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