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Economics

Q. Palm Products Company has collected data on its average variable costs of production for past 12 months. Costs have been adjusted for inflation by deflating with an appropriate cost index. AVC and associated output data are Presented below:

obs Q AVC obs Q AVC
1 22 $208 7 45 $172
2 31 202 8 45 158
3 31 206 9 45 173
4 25 214 10 62 170
5 41 174 11 62 152
6 41 203 12 70 175

Current (state) estimated average variable cost, total variable cost and short run marginal cost functions.

At Illustrate what level of output does AVC reach its minimum value? Illustrate what is minimum value of AVC at its minimum?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9292778

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