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Econ 301: Intermediate Microeconomic Theory NAME: Korinna K. Hansen Quiz 7 Consider TC (y) = 2 y2 + 10. Find equations for the various cost curves: 2- Total Variable Cost, TVC = ;;L j Total Fixed Cost, TFC = 1.0 2.- Average variable Cost, AVC = 2 ~ C-.1 t""') -:::::::r- = p<. . :J ~ - to Average Fixed Cost, AFC = ~ 2 Average Total Cost, ATC = 2~.:1 1"' < 0 == 2 ~ + ~o Marginal Cost, MC = 4- 'j -:tf IT-TG 1'vtCAVa-?~ r:j ~ We- .B.Ot-ve. .. d'!J~ovvu~ 0-#. J~ 4t. . DRs -AIIlOU-.u wOf of lol v/lA§
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Unformatted text preview: If: lIl; J..{ ATe d~:; rv. ..,-:1:::.) cJtZ. . rtC\NC. . -e--CAJYt~~ ?et fvl C ==-Jtc --') SoLv ~ ~ !j of seo.Jk i :r ~~ . Does the technology behind this cost function exhibit increasing, decreasing or constant returns to scale? WHY? cl AC 10 ------:: .2 ------rL~ J). . &quot;:::: 0 ~ 1:3. = 2-~~-7 ..2.21 ~ 10 =).:J ::.::Ys-ATe de.-~;Vj ~ IA c.lt! vYV i f ~-yz-La M'lF jLf;; ~ T~S' ATc i1A~~ tVlVlvh'lJV\-'IF d. -E '&gt;0 yl. of if 'j / g . .:) b{&lt;;~...
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This note was uploaded on 08/08/2008 for the course ECON 301 taught by Professor Hansen during the Spring '08 term at Wisconsin.

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