Examples of cost function - Economics
Examples of cost function
1) Total cost: T C(q) = 10 + 10q
Marginal cost: M C(q) =
Average cost: AC(q) =
dT C(q)
dq
T C(q)
q
=
= 10
10+q+q 2
q
where AV C(q) = 10 and AF C(q) =
10
q
+ 10
12
14
=
10
q
14
12
10
8
6
4
2
0
2
4
6
8
10
q
2) Total cost: T C(q) = 10 + q + q 2
Marginal cost: M C(q) =
Average cost: AC(q) =
dT C(q)
dq
T C(q)
q
=
= 1 + 2q
10+q+q 2
q
where AV C(q) = 1 + q and AF C(q) =
1
=
10
q
10
q
+1+q
16
18
20
14
12
10
8
6
4
2
0
2
4
q6
8
3) Total cost: T C(q) = 10 + 10q ? 4q 2 + q 3
C(q)
Marginal cost: M C(q) = dTdq
= 10 ? 8q + 3q 2
10+10q?4q 2 +q 3
q
=
where AV C(q) = 10 ? 4q + q 2 and AF C(q) =
10
q
Average cost: AC(q) =
T C(q)
q
=
10
10
q
12
+ 10 ? 4q + q 2
14
12
10
8
6
4
2
0
1
2
q
2
3
4
5
4) Total cost: T C(q) = 10 + 10q 2
dT C(q)
= 20q
dq
2
Average cost: AC(q) = T C(q)
= 10+10q
q
q
where AV C(q) = 10q and AF C(q) = 10
q
Marginal cost: M C(q) =
=
10
q
+ 10q
40
30
20
10
0
1
2
q
3
3
4
5
................
................
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