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In: Economics

All firms in an industry are identical with fixed costs (FC) of $160 and variable costs...

All firms in an industry are identical with fixed costs (FC) of $160 and variable costs (VC) of

$22q + 0.1q^2

  1. What is the equation of average variable costs?

  2. What is the equation of average total costs?

  3. What is the equation of marginal costs?

  4. At what level of output are average total costs at their minimum?

  5. At what level of output are average variable costs at their minimum?

  6. What is the equation of this firm’s short-run supply curve?

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Expert Solution

Rahul Sunny answered 6 months ago
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