Cost Curve HomeworkName

Cost Curve HomeworkName - ATC = f What is the Marginal Cost...

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Cost Curve Homework Name________________ Consider the total cost function for widgets, where Q is the number of widgets. TC = 1000 + 2Q - .02Q 2 + .0003Q 3 a) What is the Fixed Cost Equation? FC = ____________ b) What is the Variable Cost Equation? VC = __________________ c) What is the Average Fixed Cost Equation? AFC = _____________ d) What is the Average Variable Cost Equation? AVC = _______________ e) What is the Average Total Cost Equation?
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Unformatted text preview: ATC = __________________ f) What is the Marginal Cost Equation? MC = __________________ g) At what level of output (Q) is AVC minimum? Q = __________ (show work) h) At what level of output (Q) is Marginal Cost mimimum? Q = _________ (show work) i) What is the variable cost per unit (AVC) when the firm produces the Quantity where marginal cost is minimum (the quantity found in part h)? AVC = _______...
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