Question

llowing Descriptive Category questions in about 500 words each. Each question
carries 20 marks
2 * 2054
(a) Illustrate the relation between Total Cost (TC), Total Fixed Cost (TFC) and Total Variable
Cost (TVC) curves. Also, comment upon the shapes of these curves.
1
(b) Given a total cost function,
TC(Q), Q2 + 10Q + 100
where Q represents quantity of output produced.
(i) Find the expressions for the variable cost, fixed cost, average cost, average variable co
and average fixed cost.
(ii) At what output level (Q) is the average cost lowest? Also find the minimum average​

Answer 1

Answer:

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