Business, 12.11.2019 06:31 dl34574

)the deering manufacturing company’s short- run average cost function in 2014 was ac = 3 + 4q, where ac is the firm’s average cost (in dollars per pound of the product), and q is its output level.
a. obtain an equation for the firm’s short- run total cost function.
b. does the firm have any fixed costs? explain.
c. if the price of the deering manufacturing company’s product (per pound) is $3, is the firm making profit or loss? explain.
d. derive an equation for the firm’s marginal cost function.

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