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Assume the short run variable cost function is: VC =0

Accounting

Assume the short run variable cost function is:

VC =0.6q^0.8

If the fixed cost is $1,600 and the firm produces 500 units, determine the cost of production (C), the variable cost of production (VC), the marginal cost of production (MC), the average fixed cost of production (AFC), and the average variable cost of production (AVC).

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