Examples of cost function - Economics
Examples of cost function
1) Total cost: T C(q) = 10 + 10q
Marginal
cost:
M C(q)
=
dT C(q) dq
=
10
Average cost:
AC(q) =
T C(q) q
=
10+q+q2 q
=
10 q
+ 10
where
AV
C(q)
=
10
and
AF C(q)
=
10 q
14 12 10 8 6 4 2
0
2 4 6 8 1q0 12 14 16 18 20
2) Total cost: T C(q) = 10 + q + q2
Marginal
cost:
M C(q)
=
dT C(q) dq
=
1 + 2q
Average cost:
AC(q) =
T C(q) q
=
10+q+q2 q
=
10 q
+1+q
where
AV
C(q)
=
1
+
q
and
AF C(q)
=
10 q
1
14 12 10 8 6 4 2
0
2
4
q6
8
10
12
3) Total cost: T C(q) = 10 + 10q - 4q2 + q3
Marginal
cost:
M C(q)
=
dT C(q) dq
=
10 -
8q
+ 3q2
Average cost:
AC(q) =
T C(q) q
=
10+10q-4q2+q3 q
=
10 q
+ 10 - 4q + q2
where
AV
C(q)
=
10
-
4q
+
q2
and
AF C(q)
=
10 q
14 12 10 8 6 4 2
0
1
2q 3
4
5
2
4) Total cost: T C(q) = 10 + 10q2
Marginal
cost:
M C(q)
=
dT C(q) dq
=
20q
Average cost:
AC(q)
=
T C(q) q
=
10+10q2 q
=
10 q
+ 10q
where
AV
C(q)
=
10q
and
AF C(q)
=
10 q
40
30
20
10
0
1
2q 3
4
5
3
................
................
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