The DMC short-run average cost function in 2012 was (AC = 3 + 4Q) a. Give the short-run total cost function b. Derive the marginal cost function c. If the current price is $3, is the firm making profit or loss? Briefly explain.
The DMC short-run average cost function in 2012 was (AC = 3 + 4Q) a. Give the short-run total cost function b. Derive the marginal cost function c. If the current price is $3, is the firm making profit or loss? Briefly explain.