For the total cost in function: TC=15Q-8Q2+Q3, what is the output level (Q) when producing at minimum average total cost? a) 8 b) 4 c) 1 d) none of the above
For the total cost in function: TC=15Q-8Q2+Q3, what is the output level (Q) when producing at minimum average total cost? a) 8 b) 4 c) 1 d) none of the above
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter21: Production And Costs
Section21.4: Costs Of Production: Total, Average, Marginal
Problem 1ST
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For the total cost in function: TC=15Q-8Q2+Q3, what is the output level (Q) when producing at minimum average total cost?
a) 8
b) 4
c) 1
d) none of the above
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