Suppose that the firm's cost function is given in the following schedule (where Q is the level of output): $$\begin{array} { c c }
\begin{array} { c }
\text { Output } \
\text { Q (units) }
\end{array} & \begin{array} { c }
\text { Total } \
\text { Cost }
\end{array} \
\hline 0 & 7 \
1 & 25 \
2 & 37 \
3 & 45 \
4 & 50 \
5 & 53 \
6 & 58 \
7 & 66 \
8 & 78 \
9 & 96 \
10 & 124
\end{array}$$ Determine the (a)marginal cost and (b)average total cost schedules

Question

Suppose that the firm's cost function is given in the following schedule (where Q is the level of output): $$\begin{array} { c c } 
\begin{array} { c } 
\text { Output } \
\text { Q (units) }
\end{array} & \begin{array} { c } 
\text { Total } \
\text { Cost }
\end{array} \
\hline 0 & 7 \
1 & 25 \
2 & 37 \
3 & 45 \
4 & 50 \
5 & 53 \
6 & 58 \
7 & 66 \
8 & 78 \
9 & 96 \
10 & 124
\end{array}$$ Determine the (a)marginal cost and (b)average total cost schedules

Quizplus · Accepted Answer

The Answer of Suppose that the firm's cost function is given in the following schedule (where Q is the level of output): $$\begin{array} { c c } 
\begin{array} { c } 
\text { Output } \
\text { Q (units) }
\end{array} & \begin{array} { c } 
\text { Total } \
\text { Cost }
\end{array} \
\hline 0 & 7 \
1 & 25 \
2 & 37 \
3 & 45 \
4 & 50 \
5 & 53 \
6 & 58 \
7 & 66 \
8 & 78 \
9 & 96 \
10 & 124
\end{array}$$ Determine the (a)marginal cost and (b)average total cost schedules

Suppose That the Firm's Cost Function Is Given in the Following