Suppose a Firm's Short Run Total Costs Are Given By

question 28

Essay

Suppose a firm's short run total costs are given by: TC(y)= 3y² + y + 500.
i)What are the firm's variable costs? Fixed costs?
ii)Calculate and graph the firm's short run average costs (SAC(y))and short run marginal costs (SMC(y))
iii)Calculate the point where SAC = SMC and mark it on your graph. What point on the SAC curve does this correspond to?

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