Josh has a side gig making leather bracelets. The market for leather bracelets is competitive. The equilibrium market price is $20/bracelet, so he will not get any customers if he charges more than $20, and he will get as many customers as he wants if he prices at $20. 

His cost function is: TC(Q)=40 10Q 0.1Q^2 where Q is the number of bracelets per month that Josh makes

Make sure to type all your analysis.

1. (4 points) Average total cost is defined as total cost divided by quantity of output (number of bracelets in this example). What is the average total cost function specifically for this total cost function (average total cost as a function of output)?

Answer rating: 100% (QA)

The average total cost function is defined as ATC TCQQ Where TCQ is the total cost function and Q is ... View the full answer