a. Find the first, second and third derivatives of the following total cost function: TC(Q)=Q3 /5−8Q2 + 5/2 Q+180 b. Find the average cost, AC = TC/Q, and its minimum. c. Find the average variable cost, AVC = TVC/Q, and its minimum. d. Show that the marginal cost, MC, curve passes through the minimum of the AC and the AVC curves.
a. Find the first, second and third derivatives of the following total cost function: TC(Q)=Q3 /5−8Q2 + 5/2 Q+180 b. Find the average cost, AC = TC/Q, and its minimum. c. Find the average variable cost, AVC = TVC/Q, and its minimum. d. Show that the marginal cost, MC, curve passes through the minimum of the AC and the AVC curves.
Chapter6: Proudction Costs
Section: Chapter Questions
Problem 4SQ
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Question1:
a. Find the first, second and third derivatives of the following total cost function:
TC(Q)=Q3 /5−8Q2 + 5/2 Q+180
b. Find the average cost, AC = TC/Q, and its minimum.
c. Find the
d. Show that the marginal cost, MC, curve passes through the minimum of the AC and the AVC curves.
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