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A firm has the following total cost (TC) and marginal cost (MC) curves: TC = 600 + 50q + 6q 3 MC = 50 +

A firm has the following total cost (TC) and marginal cost (MC) curves:

  • TC = 600 + 50q + 6q3
  • MC = 50 + 18q2.

Answer the following questions:

  1. (3points)What is the equation for the firm's average fixed cost?
  2. (10points)What output level,q, minimizes averagevariablecost.

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