Give the formulas for and plot average fixed cost, AFC, marginal cost, MC, average variable cost, AVC, and average cost, AC, if the cost function is: Cequals6plusq squared. Marginal cost is:

Average Fixed Cost = FC/Q

Average Variable Cost = VC/Q

Average Total Cost = TC/Q

Marginal Cost = ΔTC/ΔQ

Explanation:

Fixed Cost (FC):

This cost is fixed and doesn't change with quantity of output.

Variable Cost (VC):

This cost is variable and it changes as the quantity of output is changed.

Average Fixed Cost (AFC):

AFC = FC/Q

Where FC is the fixed cost and Q is the quantity of units produced

Average Variable Cost (AVC):

AVC = VC/Q

Where VC is the variable cost and Q is the quantity of units produced

Average Total Cost (ATC):

Average cost is the total average cost per unit  of output produced.

ATC = TC/Q

Where TC is the total cost and Q is the quantity of units produced

or

ATC = AFC + AVC

Marginal cost (MC):

MC = ΔTC/ΔQ

Marginal cost is the additional cost of producing one additional unit.

The cost function is

Taking the derivative of cost function with respect to q will yield Marginal cost

The Average Fixed cost is

The Average Variable cost is

The Average cost is

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