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The Dijon Company's total variable cost function is:

TVC = 50Q -10Q^2 + Q^3

where Q is the number of units of output produced.

a. Determine the output level where marginal cost is at minimum?

b. Determine output level where average variable cost is a minimum?

c. Determine the value of average variable cost and marginal cost at the output specified in the answer to part b?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M937553

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