If the long-run total cost curve for each firm is given by TC = 1,000 + 100Q - 10Q² + Q³, in the long run, the marginal cost is:

Name: If the long-run total cost curve for each firm is given by TC = 1,000 + 100Q - 10Q 2 + Q 3 , in the long run, the marginal cost is:
Brand: Quizplus
Rating: 4.9 (58 reviews)

Question

Quizplus · Accepted Answer

The marginal cost (MC) is found by taking the first derivative of the total cost (TC) function with respect to Q. The derivative of TC = 1,000 + 100Q - 10Q^2 + Q^3 with respect to Q is MC = 100 - 20Q + 3Q^2, which corresponds to option D.

If the Long-Run Total Cost Curve for Each Firm Is