The economist for the Grand Corporation has estimated the company’s cost function, using time series data, to be
TC = 50 + 16Q – 2Q2 + 0.2Q3
where TC = Total cost
Q = Quantity produced per period
a. Plot this curve for quantities 1 to 10.
b. Calculate the average total cost, average variable cost, and marginal cost lor these quantities, and plot them on another graph.
c. Discuss your results is in terms of decreasing, constant, and increasing marginal costs. Does Grand’s cost function illustrate all these?
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