Give the formulas for cost and plot AFC, MC, AVC, and AC if the cost function is a C = 10+10q (MC = 10) b C = 10 + q2 (MC=2q). c C = 10 + 10q - 4q2 + q3 (MC = 10 - 8q + 3q2).
Give the formulas for cost and plot AFC, MC,
a C = 10+10q (MC = 10)
b C = 10 + q2 (MC=2q).
c C = 10 + 10q - 4q2 + q3 (MC = 10 - 8q + 3q2).
Average Cost (AC) is a measure used in economics and commercial enterprise to determine the common fee incurred according to a unit of output produced. It is calculated with the aid of dividing the overall cost of production (TC) by using the amount of output (Q). Average Cost offers insights into the performance of resource usage inside the production system. It considers both fixed and variable expenses related to production. Fixed prices are expenses that don't exchange with the level of output, inclusive of lease and salaries, at the same time as variable costs range with the quantity of output, which includes uncooked materials and exertions.
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