A firm's long-run total cost curve is TC(Q) = 1000Q½. Derive the equation for the corresponding long-run

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A firm's long-run total cost curve is TC(Q) = 1000Q½. Derive the equation for the corresponding long-run average cost curve, AC(Q). Given the equation of the long-run average cost curve which of the following statements is true:
a. The long-run marginal cost curve MC(Q) lies below AC(Q) for all positive quantities Q.
A firm's long-run total cost curve is TC(Q) = 1000Q½.
A firm's long-run total cost curve is TC(Q) = 1000Q½.
A firm's long-run total cost curve is TC(Q) = 1000Q½.
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Microeconomics

ISBN: 978-0073375854

2nd edition

Authors: Douglas Bernheim, Michael Whinston

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