Homework Answers
Ans
AVC=92
Total cost is give by
TC=218+56Q+3Q^2
we know Total cost consists of Fixed cost and variable cost, if we deduct fixed cost then, we will get variable cost
TC=FC+VC
FC=218
VC=56Q+3Q^2
As, we have to calculate Average variable cost.
Average variable cost(AVC)= VC/Q
=56Q+3Q^2/Q
= Q(56+3Q)/Q
Q and Q get cancelled out, So, AVC=56+3Q
At Q=12
AVC= 56+3*12
AVC= 92
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