Given the following short run production cost schedule:   Short Run Total Cost Function   Quantity Produced Total Cost ($) 0 20 10 27 20 38 30 53 40 73 50 100 60 130   The table above gives the short run total cost function for a typical firm in a perfectly competitive industry. Please answer related questions below At what level of quantity, the average total cost is minimized? Show your work.

Microeconomic Theory
12th Edition
ISBN:9781337517942
Author:NICHOLSON
Publisher:NICHOLSON
Chapter10: Cost Functions
Section: Chapter Questions
Problem 10.7P
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Given the following short run production cost schedule:

 

Short Run Total Cost Function

 

Quantity Produced

Total Cost ($)

0

20

10

27

20

38

30

53

40

73

50

100

60

130

 

The table above gives the short run total cost function for a typical firm in a perfectly competitive industry. Please answer related questions below

At what level of quantity, the average total cost is minimized? Show your work.

 

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