Marginal product of the variable input would be increasing

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Reference no: EM1322750

Q. Consider the subsequent total cost equation:
TC = 100 + 60Q -3Q2 + 0.1Q3

1. Elucidate how much is the fixed cost.

2. Write the total variable cost equation (TVC).

3. Write the average total cost equation (ATC).

4. Write the average variable cost equation (AVC).

5. Write the marginal cost equation (MC).

6. At which level of production starts diminishing return (decreasing MPx)?

7. At which level of production starts stage 2 of production?

8. Over which range of production, the marginal product of the variable input would be increasing in the short run.
For each of the subsequent production functions, tell if the industry would have an increasing, decreasing, or constant return to scale in the long run:

1. Q = 75 L.25 K0.75

2. Q = 100 + 50L 50K

3. Q = 50L + 50K + 50LK

Reference no: EM1322750

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