Discuss the following three cost functions, and discuss what the economist intends to teach you about cost

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Discuss the following three cost functions, and discuss what the economist intends to teach you about cost using these cost functions:
TC = 20 + 2Q + 0.5Q^2TC = 20 + 4Q – 0.1Q^2

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Managerial Economics

ISBN: 978-0133020267

7th edition

Authors: Paul Keat, Philip K Young, Steve Erfle

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Question Posted: Aug 05, 2013 03:42 AM

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Discuss the following three cost functions, and discuss what the economist intends to teach you about cost

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TC 20 4Q The first component 20 represents the fixed costs to the firm Even if the firm decides to s...View the full answer

Managerial Economics

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