9 March 2004ECON 130 (003) Spring University of Hawai‘i at Mānoa Department of Economics ECON 130 (003): Principles of Economics (Micro) Gerard Russo Lecture #17 Tuesday, March 9, 2004

9 March 2004ECON 130 (003) Spring ANNOUNCEMENTS REVIEW SESSION Thursday, March 18, 2004, 4:30-5:30 PM BIL 152 MID-TERM EXAMINATION #2 Tuesday, March 30, 2004, 12:00-1:15 PM BIL 152

9 March 2004ECON 130 (003) Spring Cost Curves: Homework

9 March 2004ECON 130 (003) Spring Total Cost = 10*Q Total Fixed Cost = Total Variable Cost = Average Total Cost = Average Fixed Cost = Average Variable Cost = Marginal Cost =

9 March 2004ECON 130 (003) Spring Total Cost = 10*Q Total Fixed Cost = 0 Total Variable Cost = 10*Q Average Total Cost = 10 Average Fixed Cost = 0 Average Variable Cost = 10 Marginal Cost = 10

9 March 2004ECON 130 (003) Spring Total Cost = *Q Total Fixed Cost = Total Variable Cost = Average Total Cost = Average Fixed Cost = Average Variable Cost = Marginal Cost =

9 March 2004ECON 130 (003) Spring Total Cost = *Q Total Fixed Cost = 100 Total Variable Cost = 10*Q Average Total Cost =100/Q + 10 Average Fixed Cost =100/Q Average Variable Cost =10 Marginal Cost =10

9 March 2004ECON 130 (003) Spring Total Cost = *Q + Q 2 Total Fixed Cost = Total Variable Cost = Average Total Cost = Average Fixed Cost = Average Variable Cost = Marginal Cost =

9 March 2004ECON 130 (003) Spring Total Cost = *Q + Q 2 Total Fixed Cost = 100 Total Variable Cost = 10*Q + Q 2 Average Total Cost = 100/Q Q Average Fixed Cost = 100/Q Average Variable Cost = 10 + Q Marginal Cost = *Q

9 March 2004ECON 130 (003) Spring Total Cost = 60*Q – 12*Q 2 + Q 3 Total Fixed Cost = Total Variable Cost = Average Total Cost = Average Fixed Cost = Average Variable Cost = Marginal Cost =

9 March 2004ECON 130 (003) Spring Total Cost = 60*Q – 12*Q 2 + Q 3 Total Fixed Cost = 0 Total Variable Cost = 60*Q – 12*Q 2 + Q 3 Average Total Cost = 60 – 12*Q + Q 2 Average Fixed Cost = 0 Average Variable Cost = 60 – 12*Q + Q 2 Marginal Cost = 60 – 24*Q + 3*Q 2

9 March 2004ECON 130 (003) Spring TC = *Q – 6*Q 2 + Q 3 Total Fixed Cost = Total Variable Cost = Average Total Cost = Average Fixed Cost = Average Variable Cost = Marginal Cost =

9 March 2004ECON 130 (003) Spring TC = *Q – 6*Q 2 + Q 3 Total Fixed Cost = 75 Total Variable Cost = 14*Q – 6*Q 2 + Q 3 Average Total Cost = 75/Q + 14 – 6*Q + Q 2 Average Fixed Cost = 75/Q Average Variable Cost = 14 – 6*Q + Q 2 Marginal Cost = 14 – 12*Q + 3*Q 2

9 March 2004ECON 130 (003) Spring TC = *Q – 7*Q 2 + (1/3)*Q 3 Total Fixed Cost = Total Variable Cost = Average Total Cost = Average Fixed Cost = Average Variable Cost = Marginal Cost =

9 March 2004ECON 130 (003) Spring TC = *Q – 7*Q 2 + (1/3)*Q 3 Total Fixed Cost = 50 Total Variable Cost = 111*Q – 7*Q 2 + (1/3)*Q 3 Average Total Cost = 50/Q – 7*Q + (1/3)*Q 2 Average Fixed Cost = 50/Q Average Variable Cost = 111 – 7*Q + (1/3)*Q 2 Marginal Cost = 111 – 14*Q + Q 2