8.6. A firms long-run total cost curve is TC(Q) ! 1000Q2 . Derive the equation for the...
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8.6. A firm’s long-run total cost curve is TC(Q) !
1000Q2
. Derive the equation for the corresponding longrun average cost curve, AC(Q). Given the equation of the long-run average cost curve, which of the following statements is true?
a) The long-run marginal cost curve MC(Q) lies below AC(Q) for all positive quantities Q.
b) The long-run marginal cost curve MC(Q) is the same as the AC(Q) for all positive quantities Q.
c) The long-run marginal cost curve MC(Q) lies above the AC(Q) for all positive quantities Q.
d) The long-run marginal cost curve MC(Q) lies below AC(Q) for some positive quantities Q and above the AC(Q) for some positive quantities Q.
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