. The short run cost function of the firm is of the form: TC = 300 + 50Q - 10Q2 + Q3.
a) What is the value of fixed costs?
b) Write expressions for ATC, AVC, AFC and the marginal cost.
c) Calculate the output at which average total costs are minimized
The short run cost function of the firm is of the form: TC = 300 + 50Q - 10Q2 + Q3.
a) What is the value of fixed costs?
b) Write expressions for ATC, AVC, AFC and the marginal cost.
c) Calculate the output at which average total costs are minimized