Give the formulas for and plat average fixed cest, AFC, marginal cast, MC, average variable cost, AVC, and average cast, AC, if the cost function is C=12+70-46² +² Marginal cost is MC = 7-8q3g² Average fixed cost is 12 AFC- Average variable cost AVC-7-4q+q² Average cost is AC = +7-44+0² 1.) Use the 3-point curved line drawing tool to draw the average fixad cost curve for quartitias q-1, q=2, and q-3. Labal this line AFC 2) Use the 3-point curved line drawing tool to draw the average variable cost curve for quantities q=1, q=2, and q=3. Label this Ine AVC 3.) Use the 3-point curved line drawing tool to draw the average cost curve for quantities q-1. q-2, and q-3. Label this line AC Carefully follow the instructions above, and only draw the required objects. 20.00 19.00 18.00 1700- 1600 1500- 1400 12.00 12.00 11.00 16 1000 5.00 AUD 07.00 7.00 GOD 600 5.00 400- 3.00 200 1.00 GOD G Quantity, q Units per day If you are viewing this on a fost or quiz, you must click the graph to enable the drawing tools
Give the formulas for and plat average fixed cest, AFC, marginal cast, MC, average variable cost, AVC, and average cast, AC, if the cost function is C=12+70-46² +² Marginal cost is MC = 7-8q3g² Average fixed cost is 12 AFC- Average variable cost AVC-7-4q+q² Average cost is AC = +7-44+0² 1.) Use the 3-point curved line drawing tool to draw the average fixad cost curve for quartitias q-1, q=2, and q-3. Labal this line AFC 2) Use the 3-point curved line drawing tool to draw the average variable cost curve for quantities q=1, q=2, and q=3. Label this Ine AVC 3.) Use the 3-point curved line drawing tool to draw the average cost curve for quantities q-1. q-2, and q-3. Label this line AC Carefully follow the instructions above, and only draw the required objects. 20.00 19.00 18.00 1700- 1600 1500- 1400 12.00 12.00 11.00 16 1000 5.00 AUD 07.00 7.00 GOD 600 5.00 400- 3.00 200 1.00 GOD G Quantity, q Units per day If you are viewing this on a fost or quiz, you must click the graph to enable the drawing tools
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter4: Extent (how Much) Decisions
Section: Chapter Questions
Problem 3MC
Related questions
Question
Transcribed Image Text:Give the formulas for and plot average fixed cost, AFC, marginal cast, MC, average variable cost, AVC, and average cost, AC, if the cost
function is:
C=12+79-4²+q
Marginal cost is
MC = 7-8q+3q²
Average fixed cost is:
12
4
Average variable cost
AVC-7-4q+²
AFC-
Average cost is:
12
AC+7-4q+q²
1.) Use the 3-point curved line drawing tool to draw the average fixed cost curve for quantities q=1, q=2, and q=3. Labal this line 'AFC
2.) Use the 3-point curved line drawing tool to draw the average variable cost curve for quantities q=1, q=2, and q=3. Label this line AVC.
3.) Use the 3-point curved line drawing tool to draw the average cost curve for quantities q-1, q-2, and q-3. Label this line 'AC'.
Carefully follow the instructions above, and only draw the required objecte.
20.00
19.00
18.00
17.00-
56 00
1600-
15.00-
14.00
4545
13.00
13.00
12.00-
11.00-
10.00
9.00
a
8800
7.00
ARD
6.00
GOD
5.00
GOD
4.00
3.00
45
200
1.00
0.00
G
Quantity, q. Units per day
If you are viewing this an a fost or quiz, you must click the graph to enable the drawing tools
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