SOLVED: Consider the following Average Variable Cost (AVC) function of a perfectly competitive firm. The firm’s Total Fixed Cost (TFC) is Rs.600/-. AVC = 10 – 0.03Q 0.00005Q^2 where, Q is output level a. Find the Marginal Cost (MC) function. b. If the Price is Rs. 10/- per unit, how much output will the firmproduce in the short-run?
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