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Suppose we have the following cost function: C(Q)-202-3Q+150 Given this cost function: at Q=10, Marginal cost is average variable cost is For each answer write down a and average fixed cost is whole number with no decimals
Suppose we have the following cost function: C(Q)-202-3Q+150 Given this cost function: at Q=10, Marginal cost is average variable cost is For each answer write down a and average fixed cost is whole number with no decimals.
Expert Solution
Marginal cost: 43
Explanation :
MC can be find by taking derivative of total cost
MC =dTC /dQ
=4Q+3
MC at quantity 10.
MC =4(10)+3
=40+3
=43
2.
Average variable cost :23
Explanation :
2Q^2+3Q is variable cost.
AVC =VC /Q
=2Q^2 +3Q/(Q)
=2Q+3
AVC At quantity 10,
AVC =2(10)+3
=23
3.
Average fixed cost : 15
Explanation:
150 is fixed cost in cost function.
AFC =FC /Q
=150/10
=15.
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