Suppose a firm has a cost function given by c = 2q 2 . (a) Is this

Question:

Suppose a firm has a cost function given by c = 2q 2

(a) Is this a short-run or long-run cost function? Explain.

(b) Determine the fixed cost (cF

) and variable cost (cV

) functions.

(c) Determine the average fixed cost (AFC ), average variable cost (AVC )

and average cost (AC ) functions.

(d) Determine the marginal cost (MC ) function.

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Managerial Economics A Strategic Approach

ISBN: 285451

2nd Edition

Authors: Robert Waschik ,Tim Fisher ,David Prentice

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Question Posted: Oct 08, 2024 07:01 AM

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Suppose a firm has a cost function given by c = 2q 2 . (a) Is this

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Managerial Economics A Strategic Approach

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