Consider the given cost functions:
TC = 20 + 4Q
TC = 20 + 2Q + 0.5Q2
TC = 20 + 4Q - 0.1Q2
Using Excel, calculate all cost curves using a range of quantity from 0 to 15.
Total cost
Total fixed Cost
Total variable cost
Average total cost
Average fixed cost
Average variable cost
Marginal cost
Plot these curves on graphs
Compare the cost curves and discuss their characteristics.