Question: please answer all questions Single panel. 5) Suppose a rm's fixed is equal to 500 and average variable cost function is: AVC = 100 6Q+

please answer all questions

please answer all questions Single panel. 5) Suppose a rm's fixed is

Single panel. 5) Suppose a rm's fixed is equal to 500 and average variable cost function is: AVC = 100 6Q+ 0.2Q2 where Qrepresents the amOunt of output produced. a) Calculate following costs: (i) Variable cost; (ii) Average xed cost; (iii) Average variable cost; (iv) Total cost (v) Average cost; and (vi) Marginal cost. b) At what output level average variable cost will be equal to marginal cost? c) At what output level diminishing marginal returns sets in? d) Suppose cost of production is given by C(Q) = 200+ 292, where Q is the level of output. Calculate following costs: (i) Variable cost; (ii) Fixed cost; (iii) Average variable cost; (iv) Average xed cost; (v) Average cost; and (vi) Marginal cost

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!