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Suppose that the manager of a firm operating in a competitive market has estimated the firm's average variable cost function to be AVC = 10
Suppose that the manager of a firm operating in a competitive market has estimated the firm's average variable cost function to be AVC = 10 - 0.03q + 0.00005Q2 and TFC = 60.
- What is the TC function?
- What is the optimum profit?
- What is the output where AVC is minimum?
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Global Business Today
Authors: Charles W. L. Hill Dr, G. Tomas M. Hult
10th edition
1259686698, 978-1259686696
