The economist for the Grand Corporation has estimated the company's cost function, using the times series data to be
a. Plot this curve for quanties 1 to 10
b. Calculate the average total cost, average variable cost and marginal cost for these quantities, and plot them on another graph.
c. Discuss your results in terms of decreasing, constant and increasing marginal cost. Does Grand cost function illustrate all theses.
Discuss effects of decreasing, constant and increasing marginal costs.