(Answered) Marginal cost and average variable cost

Management Studies

You are given the following cost functions:

TC + 60Q- 3Q² + 0.1Q³

TC + 60Q+ 3Q²

TC = 100 + 60Q

Compute the average variable cost, average cost, and marginal cost for each function.

Plot them on a graph.

In each case, indicate the point at which diminishing returns occur. Also indicate the point of maximum cost efficiency (i.e., the point of minimum average cost).

For each function, discuss the relationship between marginal cost and average variable cost and between marginal cost and average cost. Also discuss the relationship between average variable cost and average cost.

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Business Management, Management Studies

Category:- Business Management
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