Find the marginal and average functions for the following total functions andgraph the results.Total-cost function:(a) C = 20 + 7Q + 12Total-revenue function:(b) R = 100 - Q?Total-product function:(c) Q=al + bL2 - cL' (a,b,c > 0)

Answer a) Total cost Function C= 3Q2 + 7Q + 12 Marginal cost = Change in costChange in Quantity…

Find the marginal and average functions for the following total functions and graph the results. Total-cost function: (a) C = 2Q² + 7Q + 12 Total-revenue function: (b) R = 10Q - Q? Total-product function: (c) Q=al + bL? - cL (a,b,c > 0)

Find the marginal and average functions for the following total functions and graph the results. Total-cost function: (a) C = 2Q² + 7Q + 12 Total-revenue function: (b) R = 10Q - Q? Total-product function: (c) Q=al + bL? - cL (a,b,c > 0)

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Find the marginal and average functions for the following total functions and
graph the results.
Total-cost function:
(a) C = 20 + 7Q + 12
Total-revenue function:
(b) R = 100 - Q?
Total-product function:
(c) Q=al + bL2 - cL' (a,b,c > 0)

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