Average variable cost and marginal cost

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  Given the following total cost function of C (q) = 400Q(squared) - 20Q + 7 Calculate Average cost, Marginal cost, Average Variable Cost and the output level at which Average Variable Cost is at a minimum.

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  (ii) Comment on the following statement: "Average cost includes both fixed and variable costs, whereas marginal cost only includes variable costs.

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  This solution describes the steps for calculating marginal cost, average variable cost, average total cost and output of firm in the given situation.

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  The marginal cost and average variable cost remains the same because that per-firm costs is a fixed cost.

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  Answer: (a) An increase in the wages will increase the marginal, average and the average variable cost and hence the curves will get pushed up (b) Decrease in material cost would decrease the marginal, average and average variable cost and hence these

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  541838 Calculating average, variable and total costs of production A firm's only variable input is labor. When 50 workers are used, the average product of labor is 50 , and the marginal product of the 50th worker is 75.

• Short-run marginal cost curves

  This kind of tax would be variable, and so the variable costs would be $1 higher at all levels (higher than before the tax was imposed) and the average variable cost would be $1 higher than before.

• Description of Average Costs

  of the above For 11, Average total cost = Total cost/output = ((80*50)+500)/(50*50) = 1.80 Using brief equations, this solution provides answers for average variable cost, marginal cost, and average total cost, and provides simple responses to the