Using Excel to Calculate All Cost Curves
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Consider the following cost functions:
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 fixed Cost
Total variable cost
Average total cost
Average fixed cost
Average variable cost
Plot these curves on graphs
Compare the cost curves and discuss their characteristics.
Cost curves are calculated and graphed in excel. These cost curves are compared and discussed. The curve curves are total cost, total fixed cost, total variable cost, average total cost, average fixed cost, average variable cost, and marginal cost.