Microeconomics
Solutions
Microeconomics
Answer the following:
- a. If TVC = $80 and AVC = 4, then what does quantity (Q) equal?
- b. If total cost is $40 when Q = 2 and total cost is $45 when Q = 3, then what does marginal cost equal?
- c. What does average fixed cost equal at Q = 2 if total variable cost is $15 at Q = 2?
- d. Why does the AFC curve get continually closer to the horizontal axis in Exhibit 6(c) as quantity of output increases?
(a)
Calculate the value of output (Q).
If total variable cost is $80 and the average variable cost is 4, then the value of quantity can be calculated as follows:
(b)
Calculate the value of marginal cost.
(c)
Calculate the average fixed cost.
(d)
Reason for downward sloping average fixed cost curve.
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