Question
Suppose a competitive firm faces a short-run cost function C(y) = 24+12y+ 3????^2 , where y is the output amount. (a)What is the variable cost
Suppose a competitive firm faces a short-run cost function C(y) = 24+12y+3????^2, where y is the output amount.
(a)What is the variable cost (VC(y)) and fixed cost (FC)?
(b)Calculate the average cost (AC(y)), average variable cost (AVC(y)), and average fixed cost (AFC).
(c)What is the formula for the marginal cost, MC(y)?
(d)At what level of output is the AC minimized? At what level of output the MC intersects AC?
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Business Law
Authors: Henry Cheeseman
8th Edition
0133130649, 9780133130645
