Hosiery Mill The total-cost function for a hosiery mill is estimated by Dean to be c = -10,484.69 +6.750g -0.0003289² C where q is output in dozens of pairs and c is total cost in dollars. Find the marginal-cost function and the average cost function and evaluate each when a = 2000.

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Short-Run Costs and Long-Run Costs

Cost of short-run and the long-run is an economic term that describes the cost involved in the production of goods in a firm in the short as well as long period.