Given: TC= 120 + 50Q - 10Q2 +Q3
a. Find the equations of TVC, AVC, and MC functions.
b. Find the level of output at which AVC and MC are minimum and prove that AVC and MC curves are U-shaped.
c. Find AVC and MC for the level of output at which the AVC curve is minimum

Question

Given: TC= 120 + 50Q - 10Q2 +Q3
a. Find the equations of TVC, AVC, and MC functions.
b. Find the level of output at which AVC and MC are minimum and prove that AVC and MC curves are U-shaped.
c. Find AVC and MC for the level of output at which the AVC curve is minimum

Given: TC= 120 + 50Q - 10Q² +Q³

a. Find the equations of TVC, AVC, and MC functions.

b. Find the level of output at which AVC and MC are minimum and prove that AVC and MC curves are U-shaped.

c. Find AVC and MC for the level of output at which the AVC curve is minimum

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Given: TC= 120 + 50Q - 10Q2 +Q3 a. Find the equations of TVC, AVC, and MC functions. b. Find the level of output at which AVC and MC are minimum and prove that AVC and MC curves are U-shaped. c. Find AVC and MC for the level of output at which the AVC curve is minimum