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Suppose a Firm's Total Cost and Marginal Cost Functions Are

Question 16

Multiple Choice

Suppose a firm's total cost and marginal cost functions are given by TC = 18 + Q + 2Q2 and MC = 1 + 4Q, respectively. What is the output level that minimizes average total cost?


A) 5
B) 3
C) 4.45
D) 6

Correct Answer:

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