Write down the equation for average total cost function atc

Reference no: EM13390734

Analyze the short run and long cost functions for the low-calorie microwaveable food company given the cost functions below and suggest substantive ways in which the low-calorie food company may use this information in order to make decisions in both the short-run and the long-run.

Total Cost: TC = 160,000,000 - 115.56Q + 0.01111Q2

Variable Cost: VC = - 115.56Q + 0.01111Q2

Marginal Cost: MC = -115.56 + 0.02222Q

More specifically:

a. Write the equation for the Average Total Cost function (ATC). (Hint: ATC = TC/Q.)

b. Determine the quantity (Q) associated with minimum ATC. (Hint: ATC is minimized when ATC = MC).

c. Determine the minimum value of ATC.

Reference no: EM13390734

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