The total cost of production of a firm is given as TC = 2,000 + 10Q- 0.02Q2

Question:

The total cost of production of a firm is given as TC = 2,000 + 10Q- 0.02Q2 + 0.001Q3 where TC denotes total cost and Q denotes the quantity produced per unit of time.

a. Graph the total cost function from Q = 0 to Q = 200.

b. Find the marginal cost function.

c. Find the average cost function.

d. Graph in the same diagram average and marginal costs of production from Q = 0 to Q = 200.

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