The Dijon Company's total variable cost function is TVC = 50Q - 10Q2 + Q3 where Q
Question:
TVC = 50Q - 10Q2 + Q3
where Q is the number of units of output produced.
a. What is the output level where marginal cost is a minimum?
b. What is the output level where average variable cost is a minimum?
c. What is the value of average variable cost and marginal cost at the output specified in the answer to part (b)?
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Step by Step Answer:
a MC 50 20Q 3Q 2 dMCdQ 20 6Q 0 Q 206 or 103 Of course the second derivative of MC is p...View the full answer
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Related Book For 
Managerial Economics Theory Applications and Cases
ISBN: 978-0393912777
8th edition
Authors: Bruce Allen, Keith Weigelt, Neil A. Doherty, Edwin Mansfield
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