Consider the following two total cost functions, C(y) = y² + y + 10, MC=2y+1 C(y) = y³ – 10y² + 100y, МС 3 Зу? — 20у + 100 MC = %3D a) For each cost function on the same graph plot the average total cost, average fixed cost, average variable cost and marginal cost. b) At what point does the marginal cost and the average total cost intersect? How about marginal cost and average variable cost? Make sure to plot these points correctly on your graph.
Consider the following two total cost functions, C(y) = y² + y + 10, MC=2y+1 C(y) = y³ – 10y² + 100y, МС 3 Зу? — 20у + 100 MC = %3D a) For each cost function on the same graph plot the average total cost, average fixed cost, average variable cost and marginal cost. b) At what point does the marginal cost and the average total cost intersect? How about marginal cost and average variable cost? Make sure to plot these points correctly on your graph.
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter7: Proudction Costs
Section: Chapter Questions
Problem 4SQ
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