Given the following short run production cost schedule:   Short Run Total Cost Function   Quantity Produced Total Cost ($) 0 20 10 27 20 38 30 53 40 73 50 100 60 130   The table above gives the short run total cost function for a typical firm in a perfectly competitive industry. Please answer related questions below At what level of quantity, the average total cost is minimized? Show your work.

Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
Section: Chapter Questions
Problem 4CQQ
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Given the following short run production cost schedule:

 

Short Run Total Cost Function

 

Quantity Produced

Total Cost ($)

0

20

10

27

20

38

30

53

40

73

50

100

60

130

 

The table above gives the short run total cost function for a typical firm in a perfectly competitive industry. Please answer related questions below

At what level of quantity, the average total cost is minimized? Show your work.

 

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