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Suppose a firm has the following total cost function: TC = 300 + 40 Q –...

Suppose a firm has the following total cost function:

TC = 300 + 40 Q – 8Q2 + (2/3) Q3

(a) Write an equation for (i) average fixed cost; and (ii) average variable cost

(b) What will be the value of average (total) cost when Q = 60?

(c) What will be the marginal cost, when Q = 20?

(d) For this firm what will be the value of average variable cost at its minimum

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