Cost Curve HomeworkName

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

This preview shows page 1. Sign up to view the full content.

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?
This is the end of the preview. Sign up to access the rest of the document.

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 = _______...
View Full Document

{[ snackBarMessage ]}

Ask a homework question - tutors are online