A fully competitive firm has the following short-run cost function c(y)=(y)^3-8(y)^2+30y+5

a. Calculate the firm's marginal cost function

b. Calculate the firm's average variable cost function

c. Show on a graph the marginal cost function and of the average variable cost function

d. When is the average variable cost falling as output rises? When is the average variable cost rising as output rise?

e. At what output does marginal cost equals average variable cost?

f. At what price does the firm supply zero output?

Not sure I've done these correctly and would like someone to go through them thoroughly. Thanks in advance!!!

Answer rating: 100% (QA)

a Marginal Cost Function MC The marginal cost is the derivative of the total cost function with resp... View the full answer