Question 3

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Question 3 [20] You are the economist at Grand Corporation. You estimated the company's cost function, using time series data, to be: TC = 50 +160 202 + 0.261?!)3 TC = Total cost Q = Quantity produced per period Reguired: 3.1 How much is the fixed cost? (1) 3.2. Calculate the values for total cost, marginal cost and average cost for the first live quantities (rounded off to the second decimal) and complete the following table: Quantity TC MC AC 1 (51-th (15) 3.3. Discuss your results in terms of decreasing, constant and increasing marginal costs and average cost. (4)