Question

Problem III: For each of the following total cost functions, derive the AFC, ATC, AVC, and...

Problem III: For each of the following total cost functions, derive the AFC, ATC, AVC, and MC curves.

a) T C = 20Q + 3Q2 + Q3

b)T C = 120 + 2Q2

c) T C = 500 + 2Q2

d) T C = 100Q + 2Q3 + 20

e) T C = 20 + 5Q

Someone please help me solve this? I need step-step solutions. Thank you in advance.

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Table 1 Output Total Cost MC FC VC AFC AVC ATC   0   $40 10   $60 20...
Table 1 Output Total Cost MC FC VC AFC AVC ATC   0   $40 10   $60 20   $90 30 $130 40 $180 50 $240 Complete the above table by filling in the empty information. Write each formula you used to answer part (A). (2 Marks)
Table 1 Output Total Cost MC FC VC AFC AVC ATC   0   $40 10   $60 20...
Table 1 Output Total Cost MC FC VC AFC AVC ATC   0   $40 10   $60 20   $90 30 $130 40 $180 50 $240 Complete the above table by filling in the empty information. Write each formula you used to answer part (A). (2 Marks)
Table 1 Output Total Cost MC FC VC AFC AVC ATC   0   $40 10   $60 20...
Table 1 Output Total Cost MC FC VC AFC AVC ATC   0   $40 10   $60 20   $90 30 $130 40 $180 50 $240 Complete the above table by filling in the empty information. Write each formula you used to answer part (A). (2 Marks)
3. Cost Tables (a) Fill in the following table, where TFC = Total Fixed Cost, TVC...
3. Cost Tables (a) Fill in the following table, where TFC = Total Fixed Cost, TVC = Total Variable Cost, TC = Total Cost, AFC = Average Fixed Cost, AVC = Average Variable Cost, ATC = Average Total Cost, and MC = Marginal Cost. Remember the following relationships: TFC + TV C = TC AF C = T F C/Q, AV C = T V C/Q, AT C = T C/Q MC = ∆TC ∆Q Output (Q) TFC TVC TC...
A perfectly competitive firm has the following total cost and marginal cost functions:      TC =...
A perfectly competitive firm has the following total cost and marginal cost functions:      TC = 100 + 10q – q2 + (1/3)q3      MC = q2 – 2q +10      a)    For quantities from 0 to 10 determine: TC, TFC, TVC, and MC. b)    For quantities from 0 to 10 determine: ATC, AFC, and AVC. c)    Assume P (MR) equals 45. For quantities from 0 to 10 determine: TR and profit. d)    At what quantity is profit maximized?...
A monopoly has the following demand and cost functions. You will use these equations for the...
A monopoly has the following demand and cost functions. You will use these equations for the entire problem, but parts (a), (b), and (c) are all separate so you will get different answers in each. Show your work and box in your final numerical answers. Demand: P = 200 - 5Q. Cost: C = 3Q2 + 20Q. This monopoly uses standard pricing (no advanced pricing strategies.) Calculate the price the company will charge, their quantity, and profit. P= 170 Q=...
Which of the following statements is true about profit, revenue and cost? A. In economics, π...
Which of the following statements is true about profit, revenue and cost? A. In economics, π means “profit”. B. Profit equals to revenue minus cost. C. π = R – C D. All above are true. 0.4 points    QUESTION 2 The relationship between quantity of input and total quantity of output is _____________ A. Production function. B. Total cost function. C. Total revenue curve. D. Marginal production curve. 0.4 points    QUESTION 3 Which of the following statements is...
Assume that consumers view tax preparation services as undifferentiated among producers, and that there are hundreds...
Assume that consumers view tax preparation services as undifferentiated among producers, and that there are hundreds of companies offering tax preparation in a given market. The current market equilibrium price is $120. Jojo’s Tax Service has a daily, short-run total cost given by TC = 100 + 4Q2. Answer the following questions: How many tax returns should Jojo prepare each day if her goal is to maximize profits? How much will she earn in profit each day? A perfectly competitive...
Assume that consumers view tax preparation services as undifferentiated among producers, and that there are hundreds...
Assume that consumers view tax preparation services as undifferentiated among producers, and that there are hundreds of companies offering tax preparation in a given market. The current market equilibrium price is $120. Jojo’s Tax Service has a daily, short-run total cost given by TC = 100 + 4Q2. Answer the following questions: How many tax returns should Jojo prepare each day if her goal is to maximize profits? How much will she earn in profit each day? A perfectly competitive...