Question: variable cost ( AVC ) attain their respective minima. [ Ans . : 2 / 3 & 1 ] Given, the total cost function for

variable cost (AVC) attain their respective minima. [Ans.: 2/3 & 1]
Given, the total cost function for x units of a commodity, C(x)=ax3+bx2-cx+d, where a>0,b0,C>0. Show that average variable cost and marginal cost curves intersect at minimum average cost.
variable cost ( AVC ) attain their respective

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!

Q:

You can answer in very brief. The key terms: TVC = total variable cost AVC = average variable cost TFC (or just FC) = total fixed cost AFC = average fixed cost TC = total cost ATC = average total...

Q:

Managerial analysis help- attached is the Excel with 4 questions 1. At Lou's Big City Parking Garage, Lou incurs marginal cost of $1 (MC=$1.00) per Lou engages in cost-plus pricing (i.e. prices for...

Q:

Managerial analysis question! Here is the excel spreadsheet, there are 4 separate questions. Please HELP!!! 1. At Lou's Big City Parking Garage, Lou incurs marginal cost of $1 (MC=$1.00) per Lou...

Q:

I. Which of the following is correct? a) The pivot of the budget line shows the substitution effect while a slope gives the income effect. b) The pivot of the budget line shows the substitution...

Q:

help with 2. if this question is too long please answwr half and i will post the other half. thank you :)) 2. The graph below shows three hoquants for a business fim, corresponding to outputs of 48,...

Q:

Please use the attachment for guidance. Complete each of the following economic problems. Problem A Use the national income data in the table below to compute the following: GDP. NDP. NI....

Q:

You are & department manager in a large software firm, and you have an assignment to produce a customized database for a chient in the next wes Your boss asks you to find the least costly way to...

Q:

PoolVac, Inc. manufactures and sells a single product called the ?Sting Ray,? which is a patent-protected automatic cleaning device for swimming pools. PoolVac?s Sting Ray faces its closest...

Q:

Suppose a bakery produces cakes with the total cost function given by: TC = 112 +10q +7q2. If the bakery is a price taker and can sell a cake at a price of $80 each. Calculate the profit the bakery...

Q:

1. Total, average, and marginal physical product Underground Sandwiches, a sandwich shop, has the following marginal physical product curve (labeled MPP) for its hourly production. Note: Marginal...

Q:

Suppose the price elasticity of demand for used cars is estimated to be 3. What does this mean? What will be the effect on the quantity demanded for used cars if the price rises by 10 percent?...

Q:

Which countries appear to have benefited the most from international trade during the last few decades? What policies do these countries seem to have in common? Does their experience lend support for...

Q:

More volatility in returns produces Blank _ _ _ _ _ _ difference between the arithmetic and geometric averages. Multiple choice question.

Q:

The CEO asks you to assess the job satisfaction of employees. Therefore, you send employees an electronic survey, with a statement confirming that individual results will be kept confidential. Upon...