Relationship among the marginal cost also average variable

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Reference no: EM1321354

Q. You are given the subsequent cost functions:
TC = 100 + 60Q +3Q^2
+ 0.1Q^3
TC = 100 +60Q +3Q^2
TC = 100 +60Q

a. Compute the average variable cost, average cost also marginal cost for each function. Plot them on a graph (use values 1,2,3...up to 10 for Q).

b. In each case, indicate the point at elucidate which diminishing income happen. Also indicate the point of maximum cost efficiency (i.e. the point of minimum average cost).

c. For each function, argue the relationship among the marginal cost also the average variable cost also among marginal cost also average cost. Also argue the relationship among average variable cost also average cost.

Reference no: EM1321354

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