Given the total cost function TC = 100 + 40Q - 15Q2 + 5Q3, calculate the

a. average fixed cost function (AFC)
b. average variable cost function (AVC)
c. marginal cost function (MC)

a. AFC = 100/Q
b. AVC = 40 - 15Q + 5Q2
c. MC = 40 - 30Q + 15Q2

Economics

You might also like to view...

To maximize cartel profit, the members must allocate output so that the marginal cost for the final unit produced by each firm is

a. identical b. unequal c. negative d. equal to the firm's average total cost e. maximized

Economics

Which of the following is the injection into the circular flow model?

a. Money deposited in a savings account. b. Income earned through exports. c. Goods imported from abroad. d. Taxes paid by the individuals.

Economics