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Question 1: The total cost function facing a manufacturer is TC =30 q^ 2 +1000 q ?180 q ln q +1200 where q represents the
Question 1:
The total cost function facing a manufacturer is TC =30q^2 +1000q?180qlnq+1200
where q represents the units of ouput. If the manufacturer is interested in minimising average cost, what would be the number of units of output needed to achieve that minimum?
(a)10 units
(b)20 units
(c)40 units
(d)50 units
(e)100 units
Question 2:
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