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Finance homework, thank you! A. Find the equation for the average variable cost curve: AVC = ________Q^2+ ________Q+ ________ B. Find the quantity that minimizes
Finance homework, thank you!
A. Find the equation for the average variable cost curve:
AVC = ________Q^2+ ________Q+ ________
B. Find the quantity that minimizes average cost.
C. What is the minimum price sellers must receive if they are to produce any concrete blocks at all?
Question 1: Concrete blocks are produced by thousands of small producers in a perfectly competitive market. Each producer faces total costs of TC=Q36Q2+20Q+300, where Q is the quantity of blocks, in hundreds. The corresponding marginal cost curve is given by MC=3Q212Q+20. Use negative signs where appropriate and round all answers to the nearest one-hundredth place (0.01)Step by Step Solution
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