Question: Consider a firm that faces the total cost function TC = 300 + 5q +2q 2 Where q is the output level of the firm

Consider a firm that faces the total cost function

TC = 300 + 5q +2q2

Where q is the output level of the firm

- is this a short run or long run cost function? Why?

- calculate average fixed, average variable and average total cost functions

- calculate the marginal cost function

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