Given: TC=100 + 60Q - 12Q2 + 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=100 + 60Q - 12Q2 + 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=100 + 60Q - 12Q² + 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=100 + 60Q - 12Q2 + 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.