A Competitive Firm Has the Short-Run Cost Function C(y)= Y3

A competitive firm has the short-run cost function c(y)= y3 -2y2 + 5y + 6. Write down equations for:
a. The firm's average variable cost function
b. The firm's marginal cost function
c. At what level of output is average variable cost minimized?
d. Graph the short-run supply function for this firm, being careful to label the key points on the graph with the numbers specifying the exact prices and quantities at these points.

Correct Answer:

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a. y2 - 2y + 5.
b. 3y2 - 4y + 5.
c. y = ...

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