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Economics

Q. Assume the manager of a industry operating in a competitive marketplace has estimated the industry's standard inconsistent cost function to be AVC = 10-0.03Q + 0.00005Q2, Total fixed cost $600.

a) illustrate what is the corresponding marginal cost function?
b) at illustrate what o/p is AVC at its minimum?
c) Illustrate what is the minimum value for AVC?

if the forecasted price of the industry's o/p is$10 per unit :
a) how much o/p will the industry produce in short-run?
b) how much profit (loss) will the industry earn?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9219573

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