From a given cost functionFind out Fixed Cost, Average Variabl

Question

From a given cost function

$TC=60+0.5+0.3q^{2}$

Find out Fixed Cost, Average Variable Cost and Marginal Cost

06 Mar 2024

Answer :

Word Count : 360

To find out the fixed cost, average variable cost, and marginal cost from the given total cost function, we'll analyze each component separately.

1. Fixed Cost (FC):
Fixed costs are those costs that do not vary with the level of output. In the given cost function, the fixed cost is represented by the constant term.

\[ TC = 60 + 0.5q + 0.3q^2 \]

Fixed Cost (FC) = 60

2. Average Variable Cost (AVC):
Average variable cost is the variable cost per unit of output. It is calculated _________ ____ ______ ___ ______ ______ _____ ____ __________ ____ ___ ____.
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