Question: If the unknown function of the short-term costs by using the average variable cost (AVC) is shown with the AVC function = 81.93 - 0,35Q

If the unknown function of the short-term costs by using the average variable cost (AVC) is shown with the AVC function = 81.93 - 0,35Q + 0,24Q2 where AVC is the average variable cost ($ / unit) and Q is the number of units production, while unknown Total Fixed Costs (TFC) is approximately $ 30 million.

a. Determine the total cost equation (TC) and the short-term marginal cost (SMC).

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