Essay
Suppose that the market for ice cream sandwiches is perfectly competitive. Firms that produce ice cream sandwiches are identical; they have long-run cost functions given by 
.
a. Derive the marginal and average total cost curves in this industry. (Hint: Use calculus to find marginal cost.)
b. Find the quantity at which average total cost is minimized.
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a. Marginal and average total cost: 
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Correct Answer:
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b....View Answer
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