The total costs (TC) function for a company is: TC = 28,000 + 95Q – 0.025Q2; given that Q = 10.?
Calculate:
(i) TVC;
(ii) AFC
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Calculate:
(i) TVC;
(ii) AFC
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1. TC=28,000+950-2.5=28,947.5.
TVC=TC-TFC=28,947.5-28,000=947.5
2. AFC=TFC/Q=28,000/10=2,800