A long run is that period of time over which all resources can be varied. A firmi. Example 18. total costs 'C' are related to total out put 'x' over a five years period by the function C= ax³ – bx² +...

A long run is that period of time over which all resources can be varied. A firmi.<br>Example 18.<br>total costs 'C' are related to total out put 'x' over a five years period by the function<br>C= ax³ – bx² + cx. Where a, b, c are positive constants.<br>(a) What is the Average cost function?<br>(b) At what output is Average cost a minimum?<br>(c) What is the Marginal cost function?<br>

Extracted text: A long run is that period of time over which all resources can be varied. A firmi. Example 18. total costs 'C' are related to total out put 'x' over a five years period by the function C= ax³ – bx² + cx. Where a, b, c are positive constants. (a) What is the Average cost function? (b) At what output is Average cost a minimum? (c) What is the Marginal cost function?

Jun 08, 2022

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A long run is that period of time over which all resources can be varied. A firmi. Example 18. total costs 'C' are related to total out put 'x' over a five years period by the function C= ax³ – bx² +...

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