Consider the following cost function: C(q) = 100+10q+q² (i) What are the formulas for the Total Fixed Cost (TFC), Total Variable Cost (TVC), Average Total Cost (ATC) and Marginal Cost? (ii) At what output level is Average Total Cost (ATC) lowest? (iii) What is the minimum Average Total Cost (ATC)?

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Chapter6: Proudction Costs
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Consider the following cost function:
C(q) = 100 + 10q+q²
(i)
What are the formulas for the Total Fixed Cost (TFC), Total Variable Cost
(TVC), Average Total Cost (ATC) and Marginal Cost?
(ii)
At what output level is Average Total Cost (ATC) lowest?
What is the minimum Average Total Cost (ATC)?
(iii)
Transcribed Image Text:Consider the following cost function: C(q) = 100 + 10q+q² (i) What are the formulas for the Total Fixed Cost (TFC), Total Variable Cost (TVC), Average Total Cost (ATC) and Marginal Cost? (ii) At what output level is Average Total Cost (ATC) lowest? What is the minimum Average Total Cost (ATC)? (iii)
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