A firms total cost curve is TC = Q 3 60Q 2 + 910Q + 150.

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A firm’s total cost curve is TC = Q³ – 60Q² + 910Q + 150. Its marginal cost is 3Q² – 120Q + 910.

a. Find the firm’s fixed cost, variable cost, average total cost, and average variable cost.

b. Find the output level at which average variable cost is minimized.

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Microeconomics

ISBN: 9781319105563

3rd Edition

Authors: Austan Goolsbee, Steven Levitt, Chad Syverson

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Question Posted: Feb 21, 2020 12:11 PM

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A firms total cost curve is TC = Q 3 60Q 2 + 910Q + 150.

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a Fixed cost does not depend on output and exists even when Q 0 So substitut...View the full answer

Microeconomics

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