Give typing answer with explanation and conclusion Suppose the total costs of production for a book publishing firm are given by: TC=5+20+3Q²Compute average cost and marginal costAC=2+3Q: MC=2+ QAC 5/Q +2+3Q: MC=2+6QAC 5/Q+2+3Q: MC-6QAC 2/Q +6Q: MC=2+1.5QEvaluate AC when Q = 10Evaluate MC when Q-10Find the quantity that minimizes AC

TC= 5+2Q+3Q2AC= TC/Q = 5/Q+2+3QMC= dTC/dQ= 2+6QThis the second option iscorrect.

Suppose the total costs of production for a book publishing firm are given by: TC=5+20+30² Compute average cost and marginal cost AC 2+3Q: MC 2+ Q AC-5/Q+2+3Q: MC-2+6Q AC-5/Q+2+3Q; MC-6Q AC 2/Q +6Q; MC-2+1.5Q Evaluate AC when Q-10 Evaluate MC when Q-10 Find the quantity that minimizes AC

Suppose the total costs of production for a book publishing firm are given by: TC=5+20+30² Compute average cost and marginal cost AC 2+3Q: MC 2+ Q AC-5/Q+2+3Q: MC-2+6Q AC-5/Q+2+3Q; MC-6Q AC 2/Q +6Q; MC-2+1.5Q Evaluate AC when Q-10 Evaluate MC when Q-10 Find the quantity that minimizes AC

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter7: Economies Of Scale And Scope

Section: Chapter Questions

Problem 2MC

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Question

Give typing answer with explanation and conclusion

Suppose the total costs of production for a book publishing firm are given by: TC=5+20+3Q²
Compute average cost and marginal cost
AC=2+3Q: MC=2+ Q
AC 5/Q +2+3Q: MC=2+6Q
AC 5/Q+2+3Q: MC-6Q
AC 2/Q +6Q: MC=2+1.5Q
Evaluate AC when Q = 10
Evaluate MC when Q-10
Find the quantity that minimizes AC

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