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What is the minimum cost-schedule?

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Final answer:

The minimum cost schedule is a table that shows the price and quantity at which the cost is minimized. It helps in determining the optimal production level for a firm. To find the minimum cost schedule, we need to calculate the average cost and average variable cost at different quantities.

Step-by-step explanation:

The minimum cost schedule is a table that shows the price and quantity at which the cost is minimized. It helps in determining the optimal production level for a firm. To find the minimum cost schedule, we need to calculate the average cost and average variable cost at different quantities.

Let's say the average cost formula is given by: Average Cost = Total Cost / Quantity.

The average variable cost formula is given by: Average Variable Cost = Variable Cost / Quantity.

To find the minimum cost schedule, we need to identify the quantity at which the average cost and average variable cost are minimized.

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