Question: *12. A firm has a long-run total cost function: LTC1Q2 Q3 20Q2 220Q. Derive expressions for long-run average cost and marginal cost,

*12. A firm has a long-run total cost function:

LTC1Q2  Q3  20Q2  220Q.
Derive expressions for long-run average cost and marginal cost, and sketch these curves.

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