Marginal cost equals average variable cost when output

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Reference no: EM131094737

A competitive firm has the following short-run cost function: c(y) = y³- 8y² + 30y + 5

(a) What is the firm’s marginal cost function?

(b) What is the firm’s average cost function?

Fill in the blanks (show your work, or explain):

(d) Average variable cost is falling as output rises if output is less than ---- and rising as output rises if output is greater than ----.

(e) Marginal cost equals average variable cost when output is ----.

Reference no: EM131094737

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