Question: Given the following total cost function C = Q - 24Q + 600Q a) Write out the function for marginal cost MC = dc

Given the following total cost function C = Q - 24Q + 600Q a) Write out the function for marginal cost MC = dc dQ b) At what value of Q does MC reach its minimum? What is MC at this level of output? Demonstrate. c) Write out the function for average cost AC = d) At what value of Q does AC reach its minimum? What is AC at this level of output? Demonstrate. e) Sketch a graph of the MC and AC functions. Identify the key points you found in b) and d).

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a To find the marginal cost function we take the derivative of the total cost function MC ddQC ddQQ3 ... View full answer

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