vohrakavita96

The form has cost function of C=100-10Q+20Q²

a. total cost

b. total variable cost

c. total fixed cost

d. average total cost

e. average variable cost

f. average fixed cost

g. marginal cost

Given the total cost function TC(q) = 100 + 5q + 1/2q2, find an expression for:

(a) fixed cost

(b) average cost

(c) average fixed cost

(d) average variable cost

(e) marginal cost

9. Suppose the cost function is C(Q) = 100 + Q ? 2Q2 + 2Q3. What are the fixed costs?

a. $4

b. $2

c. $100

d. 1

The elasticity that measures the responsiveness of consumer demand to changes in income is the:

You have the following information for goods X and Y:

Goods Price elasticity Cross-price elasticity Income elasticity

X -0.4 -0.7 -1.8

Y -0.9 -0.7 0.6

Fill out the spaces in the following statements:

Based on the price elasticity, we can say that good X is price ___________________

Based on the cross-price elasticity, we can say that goods X and Y are _______________

Based on the income elasticity, we can say that good Y is _________________