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.
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.
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter7: Production And Cost In The Firm
Section: Chapter Questions
Problem 18PAE
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please just write the correct answer
![For Questions 24 to 28, consider the following total cost function:
TC = 75 + 3q?
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
а) 64
b) 75/q+3q
c) 75
d) 3q?
26. Average total cost function is
а) 69
b) 75/q+3q
c) 75
d) 3q?
27. Marginal cost function is
a) 6q
c) 75
b) 75/q+3q
d) 3q?
28. The output level at which the average total cost is minimised is
a) 75
b) 5
c) 6
d) 25](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe72ae499-6521-46bb-b012-744f262625bc%2Fdb0a9f55-8b13-470b-90c1-929a93f740aa%2Fk59nu5i_processed.png&w=3840&q=75)
Transcribed Image Text:For Questions 24 to 28, consider the following total cost function:
TC = 75 + 3q?
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
а) 64
b) 75/q+3q
c) 75
d) 3q?
26. Average total cost function is
а) 69
b) 75/q+3q
c) 75
d) 3q?
27. Marginal cost function is
a) 6q
c) 75
b) 75/q+3q
d) 3q?
28. The output level at which the average total cost is minimised is
a) 75
b) 5
c) 6
d) 25
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