Question: 5. A firm has determined that its total variable costs are as follows: VC =0.05Q 3 5Q 2 + 500Q where Q is the quantity

5. A firm has determined that its total variable costs are as follows:

VC =0.05Q3 5Q2 + 500Q

where Q is the quantity of output produced.

(1)Determine the output level where average variable costs are minimized.

(2)Determine the output level where marginal costs are minimized.

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