Economics · Cost Functions
A firm has the total cost function TC = Q3 - 6Q2 + 15Q + 10. Which of the following statements are CORRECT? A. The fixed cost (FC) is 10. B. The marginal cost function is MC = 3Q2 - 12Q + 15. C. The MC is at its minimum when Q = 2, with MCmin = 3. D. The AVC at Q = 3 is 9. E. At Q = 5, the AC = 15.
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- 1B, C and E only
- 2A, B, C, D and E
- 3A, B, C and D only
- 4A, B and C only✓
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A, B and C only
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