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Unformatted text preview: Q P 04 . 34 − = , where Q denotes output. If the variable cost ( VC ) of producing corn is given by Q Q Q VC 10 56 . ) ( 2 + = and the fixed cost is . 85 $ = FC a) What is the total cost function for the production of corn, TC(Q) ? b) What is the total revenue function for corn sales, TR(Q) ? c) What is the profit ( π ) from corn production? d) Derive the average cost ( AC ) function for corn. e) What is profit-maximizing output for the corn producer?...
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This note was uploaded on 02/10/2011 for the course AEB 3510 taught by Professor Mikaelsandberg during the Spring '11 term at University of Florida.
- Spring '11