Suppose the long-run total cost function for an industry is given by the cubic equation TC =

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Suppose the long-run total cost function for an industry is given by the cubic equation TC = a + bq + cq2 + dq3. Show (using calculus) that this total cost function is consistent with a U-shaped average cost curve for at least some values of a, b, c, and d.
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Microeconomics

ISBN: 978-0132857123

8th edition

Authors: Robert Pindyck, Daniel Rubinfeld

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