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NOT BAD FOR A DAY IN THE LIFE OF A DOG FOOD COMPANY You own a startup that produces anabolic dog food. Your accountant estimates
NOT BAD FOR A DAY IN THE LIFE OF A DOG FOOD COMPANY You own a startup that produces anabolic dog food. Your accountant estimates that the cost function of the business takes the form of TC (q) = 20000 + 300q + 2q^2 and the marginal costs are MC(q) = 300 + 4q, where q is measured in pounds and can be a non-integer. 1. What are the formulae for variable cost and average variable cost for your startup? 2. At what quantity is average total cost at its minimum? What is the marginal cost at this quantity
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