Month (m): 4 Day (d): 1
Use the two numbers above,mandd, to complete the cost function for a perfectly competitive firm:
Cost (q) =mq2+d=
(30) For a cost function like yours, Marginal Cost (MC) = 2mq . Specifically, what are the following for the cost function you wrote out above?
Fixed Cost =
Average Total Cost = Cost (q)/q =
Variable Cost =
Average Fixed Cost = FC/q =
Marginal Cost = 2 m q =
Average Variable Cost = VC/q =
(15) Fill in the table with your values from your cost function.
q
Total Cost
AVC
AFC
ATC
MC
0
--
1
2
3
4
5
6
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