For Questions 24 to 28, consider the following total cost function: TC = 75 + 3q² where TC is total cost and q is the quantity produced. 24. The provided cost function refers to the: a) long run. b) short run. 25. The variable cost function is a) 6q b) 75/q+3q c) 75 d) 3q² 26. Average total cost function is a) 6q d) 3q² b) 75/q+3q c) 75 27. Marginal cost function is а) бq b) 75/q+3q c) 75 d) 3q² 28. The output level at which the average total cost is minimised is a) 75 c) 6 b) 5 d) 25

For Questions 24 to 28, consider the following total cost function: TC = 75 + 3q² where TC is total cost and q is the quantity produced. 24. The provided cost function refers to the: a) long run. b) short run. 25. The variable cost function is a) 6q b) 75/q+3q c) 75 d) 3q² 26. Average total cost function is a) 6q d) 3q² b) 75/q+3q c) 75 27. Marginal cost function is а) бq b) 75/q+3q c) 75 d) 3q² 28. The output level at which the average total cost is minimised is a) 75 c) 6 b) 5 d) 25

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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