hw1 - Bus 247 Business Economics Homework I Fall 2008 Prof....

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Bus 247 Business Economics Homework I Fall 2008 Prof. Bradbury To the best of your abilities, please answer each question in its entirety. This assignment will be due at the beginning of class on Thursday October, 2. All assignments must be typed and stabled in order to receive credit. Students may hand write graphical solutions on printer paper if necessary. Students will only receive credit if all work is shown. When solving mathematical questions be sure to circle your final answer. 1. The following equation represents the Total Cost Function for a representative firm. TC = C q = 480 4q 2 a. Identify the components of total cost that correspond to the firms Fixed Cost and Variable Costs. b. Derive an expression for Average Total Cost. c. Derive an expression for Marginal Cost. 2. A typical firms set of cost curves are often represented with an upward sloping marginal cost curve. This curve is often depicted with a bowed shape that shows marginal costs increasing at an increasing rate. Provide a short answer explaining the role of diminishing marginal returns in
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This note was uploaded on 02/15/2011 for the course ECON 247 taught by Professor Bradberry during the Fall '10 term at CUNY Queens.

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hw1 - Bus 247 Business Economics Homework I Fall 2008 Prof....

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