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Suppose that the manager of a firm operating in a perfectly competitive market has estimated the average variable cost function to be:

AVC = 4.0 - 0.0024Q + 0.000006Q2
Fixed costs are $500.
The marginal cost function is:

a. MC = 4.0 - 0.0048Q + 0.000018Q2
b. MC = 4.0 - 0.0012Q + 0.000002Q2
c. MC = 4.0Q - 0.0024Q2 + 0.000012Q3
d. MC = 4.0 - 0.0048Q + 0.000012Q2
e. None of the above

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M939868

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