3. Suppose a firm's total cost curve is TC= 10Q² + 6Q+ 60, and MC=20Q + 6. 1. Find expressions for the firm's fixed cost, variable cost, average total cost, and average variable cost. 2. Find the output level that minimizes average total cost. 3. Find the output level that minimizes average variable cost.

3. Suppose a firm's total cost curve is TC= 10Q² + 6Q+ 60, and MC=20Q + 6. 1. Find expressions for the firm's fixed cost, variable cost, average total cost, and average variable cost. 2. Find the output level that minimizes average total cost. 3. Find the output level that minimizes average variable cost.

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter7: Proudction Costs

Section: Chapter Questions

Problem 4SQ

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