short run average cost economics

Economics
Tutor: None Selected Time limit: 1 Day

Consider a GP practice, whose short-run cost of producing Q units of primary care is given as SC(Q)=0.01Q^3-5Q^2+1000Q+1000. For this GP practice calculate the:

a) Short-run average cost curve

b) Short-run fixed costs and variable costs.

Oct 23rd, 2014

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An example that combines features above is a country that specializes in the production of high-tech knowledge products, as developed countries do, and trades with developing nations for goods produced in factories where labour is relatively cheap and plentiful, resulting in different in opportunity costs of production. More total output and utility thereby results from specializing in production and trading than if each country produced its own high-tech and low-tech products.

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Jun 13th, 2015

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Oct 23rd, 2014
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Oct 23rd, 2014
May 29th, 2017
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