Answer to Question #145673 in Economics for Shivani Lohiya

Question

Given the total cost function
TC = 150 Q 3Q2 + 0.25Q3
Complete the following table by computing the total, average, and marginal costs associated with each quantity indicated.

Quantity
Total Cost
Average Cost
Marginal Cost

1




2




3




4




5




6

Answer 1

TC = 150Q + 3Q2 + 0.25Q3,

$AC = TC/Q = 150 + 3Q + 0.25Q^2,$

$MC = TC'(Q) = 150 + 6Q + 0.75Q^2.$