1) Based on your knowledge of the definition of the various measures of short-run cost, complete this table.
Q
TC
TFC
TVC
AC
AFC
AVC
MC
0
120
–
–
–
–
1
265
2
264
3
161
2) Consider the following cost equation: Total Cost (TC) = 160Q -10Q2 + 1.2Q3.
What is Total Cost when the Quantity is 20?
Which of the following represents the equation for the Average Cost (AC)?
AC = 160 – 10Q + 1.2Q2
AC = 160Q – 10Q + 1.2Q
AC = 80Q – 5Q2 + 0.6Q3
AC = 53.3Q – 3.3Q2 + 0.4Q3
c) What is the Marginal Cost of producing the 21st unit? (Hint: Begin by calculating TC at 20 and at 21.) Round your answer to the nearest whole number.
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