Suppose,the cost function of Firm-A is as follows:
C=5Q^3+3Q^2-2Q+500
Find marginal function and average function.
1
Expert's answer
2014-05-30T08:44:26-0400
C=5Q^3+3Q^2-2Q+500 Marginal cost function MC can be found as derivative of total cost function: MC = C' = 15Q^2 + 6Q - 2 Average cost function ATC can be found as cost function divided by quantity: ATC = C/Q = 5Q^2 + 3Q - 2 + 500/Q
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