Lectures in Microeconomics-Charles W. Upton Mathematical Cost Functions(2) C= 10+20q+4q 2.

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Presentation transcript:

Lectures in Microeconomics-Charles W. Upton Mathematical Cost Functions(2) C= 10+20q+4q 2

Mathematical Cost Functions(2) A Problem C= 10+20q+4q 2

Mathematical Cost Functions(2) C= 10+20q+4q 2 Compute TC, AC, and MC when q=10

Mathematical Cost Functions(2) C= 10+20q+4q 2 Compute TC, AC, and MC when q=10 Find where MC = AC

Mathematical Cost Functions(2) C= 10+20q+4q 2 Compute TC, AC, and MC when q=10 Find where MC = AC What level of output minimizes AC?

Mathematical Cost Functions(2) C= 10+20q+4q 2 Compute TC, AC, and MC when q=10 Find where MC = AC What level of output minimizes AC? When is MC = 60?

Mathematical Cost Functions(2) C= 10+20q+4q 2 Compute TC, AC, and MC when q=10 TC= 10+20(10)+4(10) 2

Mathematical Cost Functions(2) C= 10+20q+4q 2 Compute TC, AC, and MC when q=10 TC= 10+20(10)+4(10) 2 TC= = 610

Mathematical Cost Functions(2) C= 10+20q+4q 2 Compute AC

Mathematical Cost Functions(2) C= 10+20q+4q 2 Compute AC

Mathematical Cost Functions(2) C= 10+20q+4q 2 Compute AC

Mathematical Cost Functions(2) C= 10+20q+4q 2 Compute AC

Mathematical Cost Functions(2) C= 10+20q+4q 2 The derivative of ax 2 + bx + c is 2ax+b

Mathematical Cost Functions(2) C= 10+20q+4q 2 The derivative of ax 2 + bx + c is 2ax+b MC = 8q + 20 MC = 100

Mathematical Cost Functions(2) C= 10+20q+4q 2 Find where MC = AC MC = 8q+20

Mathematical Cost Functions(2) C= 10+20q+4q 2 Find where MC = AC MC = 8q+20

Mathematical Cost Functions(2) C= 10+20q+4q 2 Find where MC = AC MC = 8q+20

Mathematical Cost Functions(2) C= 10+20q+4q 2 Find where MC = AC

Mathematical Cost Functions(2) C= 10+20q+4q 2 What level of output minimizes AC?

Mathematical Cost Functions(2) C= 10+20q+4q 2 What level of output minimizes AC?

Mathematical Cost Functions(2) C= 10+20q+4q 2 What level of output minimizes AC?

Mathematical Cost Functions(2) C= 10+20q+4q 2 What level of output minimizes AC? MC = AC at the minimum of AC

Mathematical Cost Functions(2) C= 10+20q+4q 2 When is MC = 60? MC = 8q +20 8q + 20 = 60 8q = 40 q = 5

Mathematical Cost Functions(2) End ©2003 Charles W. Upton