Question
1. Suppose that for the quadratic total cost function in the preceding problem, a = 100, b = 6, and c = 1. At what
1. Suppose that for the quadratic total cost function in the preceding problem, a = 100, b = 6, and c = 1. At what output level is average total cost minimized? At what output level is average cost minimized? Marginal cost? Average fixed cost? Provide a graph of the firm's TFC, TVC, MC, AFC, AVC, and ATC curves.
Please do showthe graph as this is important and give only one graph and label all curves, line, and intercepts.
2. Show how a total product curve for an input can be derived from an isoquant map. Why does the question specify "a" total product curve rather than "the" total product curve?
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