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Consider a cost function of producing an output q of the form c(q) = q2 + 2q + 16. As a calculus refresher, if you have y = f(q) = a +bq + bq2 + cq3, the partial derivative of f with respect to q is b + 2bq + 3cq2 (see the pattern?).
Determine the following:
a. Marginal cost
c. Average total cost
c. Average variable cost (which part of c(q) = q2 + 2q + 16 is fixed? That is the fixed cost; the remainder is the variable cost)
d. Graph the long-run supply curve, assuming the cost function is for a single plant and can be replicated without change.
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