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LU. Question 12. (10 marks) Suppose that the total cost of producing Q > 0 units of a commodity is C(Q) = aQ2 +bQ +c,

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LU. Question 12. (10 marks) Suppose that the total cost of producing Q > 0 units of a commodity is C(Q) = aQ2 +bQ +c, where a, b, c are positive constants. (a) Find the value of Q that minimizes average cost defined by A(Q) = C(Q) /Q in the special case where C(Q) = 2Q2 + 10Q + 32. (b) In the general case show that the average cost function has a minimum at Q* = Vc/a

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