Derive the long-run average cost and marginal cost, Ask an Expert

Economics

Given the following cost function:

TC = 160 Q – 20 Q² + 1.2 Q³

a) Is this a short-run cost function or a long-run cost function? How do you know?

b) Derive the long-run average cost and marginal cost equations, and plot them on a graph.

c) At what level of output does average cost reach its low point?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9441588

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