Question: 1 . ( 2 0 ) Consider the cost function c ( y ) = y 2 + 1 . a ) ( 4 )

1.(20) Consider the cost function c(y)=y2+1.
a)(4) Derive the average cost function.
b)(4) Derive the marginal cost function.
c)(4) At what level of output is the average cost minimized?
d)(4) Derive the average variable cost function.
e)(4) At what level of output does average variable cost equal marginal cost?

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