Suppose Kate's Great Crete (KGC)has Annual Variable Costs of VC

question 61

Multiple Choice

Suppose Kate's Great Crete (KGC) has annual variable costs of VC = 30Q + 0.0025Q² and marginal costs of MC = 30 + 0.005Q,where Q is the number of cubic yards of concrete it produces per year.In addition,it has an avoidable fixed cost of $50,000 per year.KGC's demand function is Q^d = 20,000 - 400P.What is KGC's average cost function?

• A) AC = (50,000/Q) + 50 + 0.005Q
• B) AC = (20,000/Q) + 30 + 0.005Q
• C) AC = (50,000/Q) + 30 + 0.0025Q
• D) AC = 50,000 + 30Q + 0.0025Q²

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Definitions:

Variables Value

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Indexed Variables

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Initializer lists in programming are used to initialize the member variables of a class with specific values at the time of object creation.

ArrayIndexOutOfBounds

An exception thrown in programming when an attempt is made to access an element of an array beyond its bounds.