Question
Suppose there are 3 cost functions are given TC 1 = 50 + 30Q - 1.5Q 2 + 0.05Q 3 TC 2 = 16 +
Suppose there are 3 cost functions are given
TC1 = 50 + 30Q - 1.5Q2 + 0.05Q3
TC2 = 16 + 30Q + 1.5Q2
TC3 = 20 + 3Q
Answer the following questions
- calculate the point where diminishing returns occur
- calculate the point of maximum cost efficiency
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Macroeconomics
Authors: Andrew B. Abel, Ben S. Bernanke, Dean Croushore, Ronald D. Kneebone
8th Canadian Edition
134646355, 9780134842615 , 978-0134646350
