Question: Suppose a competitive firm faces a short-run cost function C(y) = 24+12y+ 3????^2 , where y is the output amount. (a)What is the variable cost

Suppose a competitive firm faces a short-run cost function C(y) = 24+12y+3????^2, where y is the output amount.

(a)What is the variable cost (VC(y)) and fixed cost (FC)?

(b)Calculate the average cost (AC(y)), average variable cost (AVC(y)), and average fixed cost (AFC).

(c)What is the formula for the marginal cost, MC(y)?

(d)At what level of output is the AC minimized? At what level of output the MC intersects AC?

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