# [SOLVED] Problem Set 4: Production Costs

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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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