For Questions 24 to 28, consider the following total cost function: TC = 75 + 3q² 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) 6q b) 75/q+3q c) 75 d) 3q² 26. Average total cost function is a) 6q d) 3q² b) 75/q+3q c) 75 27. Marginal cost function is а) бq b) 75/q+3q c) 75 d) 3q² 28. The output level at which the average total cost is minimised is a) 75 c) 6 b) 5 d) 25
For Questions 24 to 28, consider the following total cost function: TC = 75 + 3q² 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) 6q b) 75/q+3q c) 75 d) 3q² 26. Average total cost function is a) 6q d) 3q² b) 75/q+3q c) 75 27. Marginal cost function is а) бq b) 75/q+3q c) 75 d) 3q² 28. The output level at which the average total cost is minimised is a) 75 c) 6 b) 5 d) 25
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter21: Costs And The Supply Of Goods
Section: Chapter Questions
Problem 8CQ
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