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The long-run total cost function for a firm producing skateboards is: TC = q^2 - 45q^2 + 900q, where q is the number of skateboards per week. MC = 3q^2 - 90q + 900. a) Find the average cost function and find the output level that minimize the average total cost. What is the minimum average total cost? b) Graph average cost and marginal cost cuves to show that marginal cost curve intersects the average cost curve at its minimum value c) Graph the total cost curve and describe the general shape of its total cost curve (don't need to graph)

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M91829624

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