Question

Uppose the total cost function for an industry is given by the cubic equa- tion tc = a + bq + cq 2 + dq 3 . Is this total cost function is consistent with a u-shaped long run average cost curve for at least some values of a, b, c,

Answer 1

the total cost function for an industry is given by the cubic equa- tion tc = a + bq + cq 2 + dq 3 . Is this total cost function is consistent with a u-shaped long run average cost curve for at least