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[SOLVED] Problem Set 4: Production Costs

Author: Client Uploads
April 29th, 2022

I need an explanation for this Economics question to help me study.

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[SOLVED] Problem Set 4: Production Costs
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Complete on sheet attached

1) Based on your knowledge of the definition of the various measures of short-run cost, complete this table.

Q

TC

TFC

TVC

AC

AFC

AVC

MC

0

120

–

–

–

–

1

265

2

264

3

161

2) Consider the following cost equation: Total Cost (TC) = 160Q -10Q2 + 1.2Q3.

  1. What is Total Cost when the Quantity is 20?
  1. Which of the following represents the equation for the Average Cost (AC)?

AC = 160 – 10Q + 1.2Q2

AC = 160Q – 10Q + 1.2Q

AC = 80Q – 5Q2 + 0.6Q3

AC = 53.3Q – 3.3Q2 + 0.4Q3

c) What is the Marginal Cost of producing the 21st unit? (Hint: Begin by calculating TC at 20 and at 21.) Round your answer to the nearest whole number.

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