Consider the following cost function: TC(Q)=(2Q^3)-(4Q^2)+6Q+3. What is the total variable cost function? What are the...

Question

Question

Consider the following cost function: TC(Q)=(2Q^3)-(4Q^2)+6Q+3.

What is the total variable cost function?

What are the total fixed costs?

What is the average variable cost function?

What is the average fixed cost function?

What is the average total cost function?

What is the marginal cost function?

For what level of output is average variable cost a minimum?

What is the relationship between average and marginal cost?

Answer 1

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