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August 20, 2014

Homework Help: home economics

Posted by Anonymous on Saturday, February 23, 2008 at 8:15pm.

The economist for the Grand Corporation has estimated the companyís cost function, using the times series data to be

TC=50+16Q-2Q2+0.2Q3
a. Plot this curve for quanties 1 to 10
b. Calculate the average total cost, average variable cost and marginal cost for these quanties, and plot them on another graph.
c. Discuss your results in terms of decreasing, constant and increasing marginal cost. Does Grand cost function illustrate all theses.

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