Given the total cost TC = Q3 − 10Q2 + 60Q, what will be the minimum average cost? At what level of output will the minimum cost occur? (Q is the level of output)
1
Minimum average cost is ACmin = 35 at Q = 5
2
Minimum average cost is ACmin = 175 at Q = 5
3
Minimum average cost is ACmin = 170 at Q = 1
4
Minimum average cost is ACmin = 45 at Q = 1