(i) State the relationship between total cost and marginal cost.

(ii) From a given total cost TC= 100+0.5q+0.4 Find out the fixed cost, average variable cost, and marginal cost.

(i) The relationship between total cost (TC) and marginal cost (MC) is fundamental in economics and is defined as follows:

Marginal Cost represents the change in total cost resulting from producing an additional unit of output. Mathematically, it is expressed as:

MC=d(TC)dqMC = \frac{d(TC)}{dq}

where TCTC is the total cost, and qq is the quantity of output.

Key Characteristics of the Relationship:

1. Incremental Changes: Marginal cost reflects how much total cost increases with a small change in output.
2. Shape and Behavior: If total cost is _____ ________ ______ ___ ______ _____ _______ _____.
   __________ _______ ____ ______ ___ _____ __________ ________ ________ __________ __________ _____.
   __________ ____ _____ ______ _____ _______ ____.
   ________ __________ _____ _______ ___ _________ ____ ____ ___ ________.
   __________ __________ ____ _____ ____.
   ____ ______ __________ _______ ______ ___ ________ _____.
   ___ _________ __________ _________ __________ __________.
   ____ ________ __________ ________ __________ _____ __________.
   _________ _____ _________ __________ __________ _________ ______ ___ _______ _____.
   _____ __________ ___ ________ _________ ______ ___ _________ _________ _______.
   _______ __________ _______ _____ ___ ____ ___ ____ _________ ______ ____.
   _____ __________ _______ ______ ____.
   __________ _______ _________ ________ _____ _____ ____ __________ _________ ___ ___ ___.
   _______ __________ __________ _______ ____ _______ ______ __________ _____ __________ _______ ______.
   ____ ____ ____ ______ ___ ______ _______.
   _______ _______ ________ ___ ____ _____ _______.
   _______ ____ ____ _______ ______ ______.
   __________ ___ ___ ________ _____ ___ _____ ___ _____ __________.
   ___ ___ _______ ________ _______ __________ _____ _____.
   ______ ___ ____ _______ _______ ____.
   _____ _______ ___ ________ _______ ____ ________ _________ _____.
   _________ ________ ___ _________ ______ ______.
   _____ ____ __________ _______ ________ _____ __________ _____ ______ _______ ______ _______.
   ______ ________ _____ _________ _____ _____ __________ ___.
   ________ _____ _________ ____ _______ ___ _____ _________.
   __________ ________ _______ ______ _____ _________ __________ ______.
   ____ _____ __________ __________ ____ ______ ______ ______ ______.
   __________ ________ ________ ____ _______ __________ ______ ___ ________ ____.
   ______ _______ __________ ________ ____ _____.
   _________ ________ ___ ________ ____ _________ _______ ___ _______.
   ______ __________ ____ ____ ________ ______ _______ _____.
   Get Full Answer on WhatsApp