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2. A firm has cost function C(q)=q2+FC where >0. (a) Find the quantity that minimizes the average cost. (b) Show that this is the unique
2. A firm has cost function C(q)=q2+FC where >0. (a) Find the quantity that minimizes the average cost. (b) Show that this is the unique quantity where marginal cost and average cost are equal. (c) Graph the marginal cost, average cost, and average variable cost on the same graph with quantity on the x-axis. 2. A firm has cost function C(q)=q2+FC where >0. (a) Find the quantity that minimizes the average cost. (b) Show that this is the unique quantity where marginal cost and average cost are equal. (c) Graph the marginal cost, average cost, and average variable cost on the same graph with quantity on the x-axis
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