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Suppose that the cost function of X is given by:

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Question

1) Suppose that the cost function of X is given by: C=500-10X+(25X^2);a) Find the variable cost (the part that varies with the quantity X).;b) Find the fixed cost (the part that does not vary with the quantity X).;c) Find the average cost.;d) Find the marginal cost;e) Draw the relationship between MC and AC. Prove that they always intersect at;the minimum AC

 

Paper#29543 | Written in 18-Jul-2015

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