Give the formulas for and plot AFC, MC,
a. C = 10 + 10q
b. C = 10 + q2, or
c. C = 10 + 10q – 4q2 + q3
The average fixed cost (AFC) is the total variable cost per unit of output. This is found by dividing total fixed cost (TFC) by total output (Q).
The marginal cost (MC) of production is the change in total production cost that comes from making or producing one additional unit. Formula for MC = d(TC)/d(Q).
The average variable cost (AVC) is the total variable cost per unit of output. This is found by dividing total variable cost (TVC) by total output (Q).
The average cost (AC) is the total cost per unit of output. This is found by dividing total cost (TC) by total output (Q).
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