Question: do the exercice Question #4: Cost Curves (Total = 4 marks; 4%0.5 + 1 + 1 mark) Jim operates a peach farm in the Niagara

do the exercice

Question #4: Cost Curves (Total = 4 marks; 4%0.5 + 1 + 1 mark) Jim operates a peach farm in the Niagara region of Ontario under pure competition. His farm has a cost function given by C(Q) = Q? + Q + 4, where Q is the number of peaches his farm produces. a) Given the cost function above, derive the expression for each of the following: s Average fixed cost (AFC) e Average cost (AC) e Average variable cost (AVC) e Marginal cost (MC) b) At what level of output is AC at its minimum value? c) If the price of Q is $9, what is the profit of the firm? The firm is perfectly competitive

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