Plot these curves on graphs. compare the cost curves and, Ask an Expert

Economics

Cost Data (Excel application)

TC = 20 + 4Q

TC = 20 + 2Q + 0.5Q2

TC = 20 + 4Q - 0.1Q2

Using Excel, calculate all cost curves using a range of quantity from 0 to 15.
Total cost
Total fixed Cost
Total variable cost
Average total cost
Average fixed cost
Average variable cost
Marginal cost

Plot these curves on graphs

Compare the cost curves and discuss their characteristics.

Solution Guide

To calculate the average and marginal costs, use the following formulas:
ATC = TC÷Q
AFC = TFC÷Q
AVC = TVC÷Q
MC = change in TC ÷ change in Q

Using the numbers in the tables, plot the different cost curves using Excel graphing features.

The cost numbers are plotted on the vertical axis (y).

The quantity numbers are plotted on the horizontal axis (x).

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M9307037

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