Give the formulas for average fixed cost (AFC), marginal cost (MC), average variable cost (AVC), and average cost (AC) if the cost function is: Q 26.00 24.00- C=6+ 13q. 22.00 Average fixed cost is: 20.00 18.00 AFC= %24 16.00 Marginal cost is: 14.00 00 MC = 10.00 Average variable cost is: 8.00 AVC = 6.00 4.00 Average cost is: 2.00 0.00+ AC =D Quantity, q, Units per day 1.) Use the line drawing tool to draw the marginal cost curve. Label this line "MC'. If you are viewing this on a test or quiz, you must click the graph to enable the drawing tools. 2.) Use the 3-point curved line drawing tool to draw the average cost curve for quantities q = 1, q =2, and q = 3. Label this curve 'AC'. Carefully follow the instructions above, and only draw the required objects. Cost per unit, $

Give the formulas for average fixed cost (AFC), marginal cost (MC), average variable cost (AVC), and average cost (AC) if the cost function is: Q 26.00 24.00- C=6+ 13q. 22.00 Average fixed cost is: 20.00 18.00 AFC= %24 16.00 Marginal cost is: 14.00 00 MC = 10.00 Average variable cost is: 8.00 AVC = 6.00 4.00 Average cost is: 2.00 0.00+ AC =D Quantity, q, Units per day 1.) Use the line drawing tool to draw the marginal cost curve. Label this line "MC'. If you are viewing this on a test or quiz, you must click the graph to enable the drawing tools. 2.) Use the 3-point curved line drawing tool to draw the average cost curve for quantities q = 1, q =2, and q = 3. Label this curve 'AC'. Carefully follow the instructions above, and only draw the required objects. Cost per unit, $

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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