Explain what is the total cost function

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Reference no: EM1399733

Presume that an organization has a fixed production cost of $5,000 as well as a constant marginal cost of production of $500 per unit produced

Explain what is the total cost function?

Explain what is the average cost?

If the organization needs to minimize the average total cost would it choose to be very large are very small?

Reference no: EM1399733

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