Suppose that the manager of a firm operating in a competitive market has estimated the firms average
Question:
Suppose that the manager of a firm operating in a competitive market has estimated the firm’s average variable cost function to be
AVC = 10 - 0.03Q + 0.00005Q2
Total fixed cost is $600.
a. What is the corresponding marginal cost function?
b. At what output is AVC at its minimum?
c. What is the minimum value for AVC?
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Step by Step Answer:
A AVC 10003Q000005Q 2 which is given Variable Cost 10Q003Q 2 000005Q 3 by multiply by Q ...View the full answer
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Sagar Kumawat
I am Sagar kumawat currently pursuing MA economics from Central University Of Rajashtan, I have completed my Under graduation in Economics Honours and secured 71%. Have keen interest in Research and policy making, currently working on one research topic of " universal basic income in India". In my spare time I spend my time in my hobbies like playing keyboard, dancing, Handball. Data science and economics enthusiast, have done various coursers to build more knowledge in these field. I have hand on experience on econometrics tools like Eviews, SPSS, MS excel. I am well versed in English speaking, communication and leadership qualities . Participate in lots of public speaking competitions like debates, extempore, poetry reciting and was winner of inter-level.
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Related Book For 
Managerial Economics Foundations of Business Analysis and Strategy
ISBN: 978-0078021909
12th edition
Authors: Christopher Thomas, S. Charles Maurice
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