A firm has the following short run total cost (STC) function STC $1,000 240Q 4Q 2 (1 3)Q 3 Write equations for the firms short run marginal cost (SMC), average variable cost (AVC), and short run average cost (SAC) ) Determine the output level at which SMC will be minimised Determine the output leve...

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A firm has the following short-run total cost (STC) function: STC = $1,000 + 240Q 4Q

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A firm has the following short-run total cost (STC) function:

STC = $1,000 + 240Q – 4Q² + (1/3)Q³

Write equations for the firm’s short-run marginal cost (SMC), average variable cost (AVC), and short-run average cost (SAC).

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Determine the output level at which SMC will be minimised.

Determine the output level at which AVC will be minimised.

Related Book For answer-question

Microeconomics

ISBN: 978-1259163531

1st edition

Authors: Dean Karlan, Jonathan Morduch

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Posted Date: Jul 01, 2020 12:54 PM

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A firm has the following short-run total cost (STC) function: STC = $1,000 + 240Q 4Q

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Microeconomics

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