For Questions 24 to 28, consider the following total cost function: TC = 75 + 3q² where TC is total cost and q is the quantity produced. 24. The provided cost function refers to the: a) long run. b) short run. 25. The variable cost function is a) 6q b) 75/q+3q c) 75 d) 3q² 26. Average total cost function is a) 6q d) 3q² b) 75/q+3q c) 75 27. Marginal cost function is а) бq b) 75/q+3q c) 75 d) 3q² 28. The output level at which the average total cost is minimised is a) 75 c) 6 b) 5 d) 25

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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25,26,27,28!!! please just correct answer

For Questions 24 to 28, consider the following total cost function:
TC = 75 + 3q?
where TC is total cost and q is the quantity produced.
24. The provided cost function refers to the:
a) long run.
b) short run.
25. The variable cost function is
а) 64
b) 75/q+3q
c) 75
d) 3q?
26. Average total cost function is
а) 69
b) 75/q+3q
c) 75
d) 3q?
27. Marginal cost function is
a) 6q
c) 75
b) 75/q+3q
d) 3q?
28. The output level at which the average total cost is minimised is
a) 75
b) 5
c) 6
d) 25
Transcribed Image Text:For Questions 24 to 28, consider the following total cost function: TC = 75 + 3q? where TC is total cost and q is the quantity produced. 24. The provided cost function refers to the: a) long run. b) short run. 25. The variable cost function is а) 64 b) 75/q+3q c) 75 d) 3q? 26. Average total cost function is а) 69 b) 75/q+3q c) 75 d) 3q? 27. Marginal cost function is a) 6q c) 75 b) 75/q+3q d) 3q? 28. The output level at which the average total cost is minimised is a) 75 b) 5 c) 6 d) 25
Expert Solution
Step 1

Given given total cost function is:

TC=75+3q2

A total Cost function is the one that provide information about different types of cost such that marginal cost, average cost, variable cost, and so on.

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