R1 (2) Minimize the average cost for the following total cost function (TC) by finding out (a)
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Question:
R1
(2) Minimize the average cost for the following total cost function (TC) by finding out
(a) average cost function;
(b) the critical values (the output values) at which AC is minimized;
(c) checking the second order conditions; and
(d) the minimum average cost.
TC(Q)=Q35Q2+60Q.
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