Consider the following cost function: TC(Q)=(2Q^3)-(4Q^2)+6Q+3. What is the total variable cost function? What are the total

Fantastic news! We've Found the answer you've been seeking!

Question:

Consider the following cost function: TC(Q)=(2Q^3)-(4Q^2)+6Q+3.

What is the total variable cost function?

What are the total fixed costs?

What is the average variable cost function?

What is the average fixed cost function?

What is the average total cost function?

What is the marginal cost function?

For what level of output is average variable cost a minimum?

What is the relationship between average and marginal cost?

Related Book For answer-question

Principles of economics

ISBN: 978-0538453042

6th Edition

Authors: N. Gregory Mankiw

See More Books

Posted Date: Mar 06, 2024 02:41 AM

See More Questions

1. A perfectly competitive firm produces output q with capital K and labor L according to the production function: q = f(K,L) = 4K^1/4 L^ 1/4 The price of labor is w = 4, and the price of capital is...
The accompanying table shows a car manufacturers total cost of producing cars. Quantity of cars TC 0. $500,000 1. 540,000 2. 560,000 3. 570,000 4. 590,000 5. 620,000 6. 660,000 7. 720,000 8. 800,000...
Consider the following cost information for a pizzeria: a. What is the pizzerias fixed cost? b. Construct a table in which you calculate the marginal cost per dozen pizzas using the information on...
The following auditors report was drafted by a staff accountant of Turner & Turner, CPAs, at the completion of the audit of the financial statements of Lyon Computers, Inc. (a non-public company) for...
Turner plc is considering whether to buy a machine costing 1,000 through a three-year loan with interest at 14 per cent per year. The machine would have zero scrap value at the end of its three-year...
A simple beam ABCDE supports a uniform load of intensity q (see figure). The moment of inertia in the central part of the beam (BCD) is twice the moment of inertia in the end parts (AB and DE). Find...
The following data are for Huang Wong Ping Retail Outlet Stores. The account balances (in thousands) are for 2017. 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold. 2....
Information related to Kerber Co. is presented below. 1. On April 5, purchased merchandise from Wilkes Company for $23,000, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs...
Inflation Bonds (I Bonds) are safe investments issued by the U.S. Treasury to protect individual's money from loosing value due to inflation. Interest rates on I Bonds are adjusted regularly to keep...
At the end of 2021, Boise Lenders had a balance in its Allowance for Uncollectible Accounts of $5,000 (debit) before any adjustment. The company estimated its future uncollectible accounts to be...
E. Go over the Araling Panlipunan Curriculum Guide. Identify a competency where you can use moral dilemma as a teaching technique. Formulate an example of a moral dilemma which you can use to teach...
Explain the observed difference in median hourly pay rates between customer service representatives and roofers. Your answer should be based on the information below and your understanding of...
Informative Speech Self-Evaluation help an evaluation of your Informative Speech, covering each of these items: 1. Preparation for the speech 2. Practicing for the speech 3. Main Points 4....
1. [12] Let a1, a2,..., an be a sequence of real numbers, for some n 1. A SUM-BOX is an ADT that stores the sequence and supports the following operations (S is a given SUM-BOX): PARTIAL-SUM(S, m):...
Hello there, can you do the below questions? 1) Select four poems to discuss from the ones that are listed in the overview. 2) Do the following for each poem: Give a brief summary of the poem and...
Tata infotech re-focuses on the corporate segment. During the boom times, many firms providing computer education to students used to survive and thrive in the Indian market. But the boom did not...
A handrail, which weighs 120 N and is 1.8 m long. was mounted to a wall adjacent to a small set of steps (Figure P4.26). The support at A has broken, and the rail has fallen about the loose bolt at 8...
Define signaling and screening and give an example of each.
England and Scotland both produce scones and sweaters. Suppose that an English worker can produce 50 scones per hour or 1 sweater per hour. Suppose that a Scottish worker can produce 40 scones per...
Suppose the federal government requires beer drinkers to pay a $2 tax on each case of beer purchased. (In fact, both the federal and state governments impose beer taxes of some sort.) a. Draw a...
In late 2013, the taxi company Yourcabs.com in Bangalore, India, was facing a problem with the drivers using their platformnot all drivers were showing up for their scheduled calls. Drivers would...
Forecasting transportation demand is important for multiple purposes such as staffing, planning, and inventory control. The public transportation system in Santiago de Chile has gone through a major...
CRISA is an Asian market research agency that specializes in tracking consumer purchase behavior in consumer goods (both durable and nondurable). In one major research project, CRISA tracks numerous...

Consider the following cost function: TC(Q)=(2Q^3)-(4Q^2)+6Q+3. What is the total variable cost function? What are the total

Question:

Expert Answer:

Analyzing the Cost Function TCQ 2Q3 4Q2 6Q 3 We can analyze this cost function to understand various ... View the full answer

Principles of economics

Students also viewed these economics questions