Describe the output level where average variable costs

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Reference no: EM1348339

A firm has determined that its variable costs are given by the following relationship:

VC = 0.05Q3 - 5Q2 + 500Q

where Q is the quantity of output produced.

a. Determine the output level where average variable costs are minimized.

b. Determine the output level where marginal costs are minimized.

Reference no: EM1348339

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