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Questions › IIT JAM › IIT JAM 2024 › Q48
1 markMicroeconomics › Costs of production › Deriving cost functions and cost curvesEasyabout 2 min

IIT JAM 2024 Question 48: Costs of production

A manufacturer's total cost is TC(Q)=aQ2+bQ+cTC(Q) = aQ^2 + bQ + cTC(Q)=aQ2+bQ+c. Given TC(1)=4TC(1)=4TC(1)=4, TC(2)=13TC(2)=13TC(2)=13, TC(3)=32TC(3)=32TC(3)=32, the value of TC(Q)TC(Q)TC(Q) at Q=4Q = 4Q=4 is ________ (in integer).

Answer and worked solution

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Plain-text version

A manufacturer's total cost is TC(Q) = aQ² + bQ + c. Given TC(1)=4, TC(2)=13, TC(3)=32, the value of TC(Q) at Q = 4 is (in integer).

Also written as: A manufacturer's total cost is TC(Q) = aQ^2 + bQ + c. Given TC(1)=4, TC(2)=13, TC(3)=32, the value of TC(Q) at Q = 4 is (in integer).

Costs of production has come up 83 times in 7 exams since 2006.

What this question tests

This question is on Deriving cost functions and cost curves, part of Costs of production in Microeconomics.

Working out cost curves from a cost function, a production function or a marginal cost schedule.

TestStop has 20 past-paper questions on this subtopic; the nearest in year are below.

  • GATE 2023 · Q59Consider the following short-run cost function: C(q) = 10q³-80q²+300q+50 At the minimum average variable…
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  • IIT JAM 2022 · Q45The Total Variable Cost is TVC = x³ - bx² and the Total Fixed Cost is 848. The value of b for which Marginal…
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Question from the IIT JAM 2024 paper. Solutions are TestStop's own. Not affiliated with or endorsed by any examination authority.