Question #38995

Given that the total cost function is:

TC = 100Q – Q^2 + 1/3Q^3

Where Q = rate of output and TC = total cost

a. Determine the marginal and average cost functions

b. Calculate the output level that minimizes average cost

c. Calculate the output level that minimizes marginal cost

TC = 100Q – Q^2 + 1/3Q^3

Where Q = rate of output and TC = total cost

a. Determine the marginal and average cost functions

b. Calculate the output level that minimizes average cost

c. Calculate the output level that minimizes marginal cost

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