Statistics- Suppose a business has an input-output relationship

QUESTION

2. Suppose a business has an input-output relationship, namely:0.2Q³ -4Q² + 28Q = LSuppose labour costs £10 per hour and the business had fixed capital costs of£1000 per day.Derive the equations which describe the following:i) total variable cost;ii) total fixed cost;iii) total cost;iv) average variable cost;v) average fixed cost;vi) average total cost;vii)marginal cost.Sketch each of these curves, roughly but accurately.

ANSWER:

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