(Avoidable) Costs of Production: 3 examples
TOTAL COST AVERAGE. FIXED COST AVERAGE. VARIABLE COST MARGINAL. COST 1 160 40 2 95 3 30 4 5 47 15 6 23 2. By definition, the elasticity of total cost is the ratio of marginal cost to average cost; for the total cost function TC = 0.4Q2 + 40, find the elasticity of total cost at Q=5, Q=10, and Q=20 units of output. ... ................
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