Question: Solve for the algebraic representation of average variable cost ( AVC ), average total cost ( ATC ), and average fixed cost ( AFC )
Solve for the algebraic representation of average variable cost (AVC), average total cost (ATC), and average fixed cost (AFC) of the following cost functions, where TC is the total cost and Q is output.
1.TC = 100 + 60Q - 3Q2 + 0.1Q3
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