Question
Suppose a company has the following cost function: C(q) = 5000 + 100q + 2q^2 where q is the quantity produced. a) Find the total
Suppose a company has the following cost function:
C(q) = 5000 + 100q + 2q^2
where q is the quantity produced.
a) Find the total cost of producing 100 units of output.
b) Calculate the average variable cost (AVC) and average total cost (ATC) at a quantity of 100 units.
c) Find the marginal cost (MC) function for this cost function.
d) Determine the quantity of output that minimizes average total cost (ATC).
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Mathematical Applications for the Management Life and Social Sciences
Authors: Ronald J. Harshbarger, James J. Reynolds
11th edition
9781337032247, 9781305465183, 1305108043, 1337032247, 1305465180, 978-1305108042
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