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For Questions 24 to 28, consider the following total cost function: TC = 0.2q° + 6q + 50 where TC is total cost and q is the quantity produced. 24. The provided cost function refers to the: a) long run. b) short run. 25. The variable cost function is a) 0.2q² + 6q c) 0.4q + 6 b) 0.2q + 6 + 50/q d) 50 26. Average total cost function is a) 0.2q² + 6q b) 0.2q + 6 + 50/q c) 0.4q + 6 d) 50 27. Marginal cost function is a) 0.2q² + 6q c) 0.4q + 6 b) 0.2q + 6 + 50/q d) 50 28. The output level at which the average total cost is minimised is a) 0 c) V10 b) 50 d) 5/T0

For Questions 24 to 28, consider the following total cost function: TC = 0.2q° + 6q + 50 where TC is total cost and q is the quantity produced. 24. The provided cost function refers to the: a) long run. b) short run. 25. The variable cost function is a) 0.2q² + 6q c) 0.4q + 6 b) 0.2q + 6 + 50/q d) 50 26. Average total cost function is a) 0.2q² + 6q b) 0.2q + 6 + 50/q c) 0.4q + 6 d) 50 27. Marginal cost function is a) 0.2q² + 6q c) 0.4q + 6 b) 0.2q + 6 + 50/q d) 50 28. The output level at which the average total cost is minimised is a) 0 c) V10 b) 50 d) 5/T0

Microeconomic Theory
Microeconomic Theory
12th Edition
ISBN:9781337517942
Author:NICHOLSON
Publisher:NICHOLSON
Chapter10: Cost Functions
Section: Chapter Questions
Problem 10.3P
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please answer the questions 25,26,27,28!!!!!!

For Questions 24 to 28, consider the following total cost function: TC = 0.2q² + 6q + 50 where TC is total cost and q is the quantity produced. 24. The provided cost function refers to the: a) long run. b) short run. 25. The variable cost function is a) 0.2q² + 6q c) 0.4q + 6 b) 0.2q + 6 + 50/q d) 50 26. Average total cost function is a) 0.2q² + 6q c) 0.4q + 6 b) 0.2q + 6 + 50/q d) 50 27. Marginal cost function is a) 0.2q² + 6q b) 0.2q + 6 + 50/q c) 0.4q + 6 d) 50 28. The output level at which the average total cost is minimised is a) 0 b) 50 c) V10 d) 5/10
Transcribed Image Text:For Questions 24 to 28, consider the following total cost function: TC = 0.2q² + 6q + 50 where TC is total cost and q is the quantity produced. 24. The provided cost function refers to the: a) long run. b) short run. 25. The variable cost function is a) 0.2q² + 6q c) 0.4q + 6 b) 0.2q + 6 + 50/q d) 50 26. Average total cost function is a) 0.2q² + 6q c) 0.4q + 6 b) 0.2q + 6 + 50/q d) 50 27. Marginal cost function is a) 0.2q² + 6q b) 0.2q + 6 + 50/q c) 0.4q + 6 d) 50 28. The output level at which the average total cost is minimised is a) 0 b) 50 c) V10 d) 5/10
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