Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Solve it plzzzzz 9. You are operating a widget factory, and the total cost of producing y widgets, denoted TC (y), is TC (y) =

Solve it plzzzzz

image text in transcribed
9. You are operating a widget factory, and the total cost of producing y widgets, denoted TC (y), is TC (y) = 2y2 + 10 (a) Calculate your: total variable cost (TVC (y)); total fixed cost (TFC (y)); average variable cost (AVC (y)); average fixed cost (AFC (y)); average total cost (ATC (y)) and marginal cost (MC (y)). (b) Prove that the MC (y) curve intersects the ATC (y) curve at its minimum. 10. You are operating a widget factory, and the total cost of producing y widgets, denoted TC (y), is TC (y) = 5y2 + 20y + 100 (a) Calculate your: total variable cost (TVC (y)); total fixed cost (TFC (y) ); average variable cost (AVC (y)); average fixed cost (AFC (y) ); average total cost (ATC (y)) and marginal cost (MC (y)). (b) Is the MC (y) curve associated with this total cost function increasing in y, decreasing in y, or constant. Explain your reasoning

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles of economics

Authors: N. Gregory Mankiw

6th Edition

978-0538453059, 9781435462120, 538453052, 1435462122, 978-0538453042

More Books

Students also viewed these Economics questions