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Formulate the equation or level of fixed cost

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Reference no: EM133130952

Suppose that each firm in a competitive pizza market has the following identical cost:

Total cost: TC=25+1.5Q2

i. Formulate the equation or level of fixed cost, variable cost, marginal cost, average variable cost (AVC) and average total cost (ATC) for each firm.

ii. Sketch a diagram to illustrate average total cost (ATC) and marginal cost (MC) for Q from 1 to 20. Identify the quantity at which the average total cost (ATC) reaches its minimum and interpret its economic or business implication.

Reference no: EM133130952

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