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    1. Economics
    2. Principles of Mathematical Economics
    3. 82871

    Cost Functions

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    Given the total cost function:
    TC = 100 + 40Q - 15Q(squared) + 5Q (to the third power), calculate the

    a) average fixed cost function (AFC)

    b) average variable cost function (AVC)

    c. marginal cost function (MC)

    Please show calulations and Draw a diagram with all three curves plotted on it.

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    Solution Preview

    Hello

    Please see the excel file for
    1. Cost functions in ...

    Solution Summary

    Please see the excel file for
    1. Cost functions in mathematical form
    2. Values for each functions
    3. Graph (Note that graph of AFC is very close of x-axis as the values for other cost functions are very high).

    $2.19

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