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University of Hawai‘i at Mānoa Department of Economics

This course, offered by the University of Hawai‘i at Mānoa, covers the fundamental concepts of microeconomics, including cost curves and total, fixed, and variable costs. The course features announcements for review sessions, mid-term exams, and homework assignments focusing on economic theories and practical applications. Key concepts include average total cost, average fixed cost, average variable cost, and marginal cost, with practical examples illustrating their calculations. Students will engage in understanding how these concepts apply to real-world scenarios.

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University of Hawai‘i at Mānoa Department of Economics

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  1. University of Hawai‘i at MānoaDepartment of Economics ECON 130 (003): Principles of Economics (Micro) http://www2.hawaii.edu/~lindoj Gerard Russo Lecture #17 Tuesday, March 9, 2004 ECON 130 (003) Spring 2004

  2. ANNOUNCEMENTS • REVIEW SESSION • Thursday, March 18, 2004, 4:30-5:30 PM BIL 152 • MID-TERM EXAMINATION #2 • Tuesday, March 30, 2004, 12:00-1:15 PM BIL 152 ECON 130 (003) Spring 2004

  3. Cost Curves: Homework ECON 130 (003) Spring 2004

  4. Total Cost = 10*Q • Total Fixed Cost = • Total Variable Cost = • Average Total Cost = • Average Fixed Cost = • Average Variable Cost = • Marginal Cost = ECON 130 (003) Spring 2004

  5. Total Cost = 10*Q • Total Fixed Cost = 0 • Total Variable Cost = 10*Q • Average Total Cost = 10 • Average Fixed Cost = 0 • Average Variable Cost = 10 • Marginal Cost = 10 ECON 130 (003) Spring 2004

  6. Total Cost = 100 + 10*Q • Total Fixed Cost = • Total Variable Cost = • Average Total Cost = • Average Fixed Cost = • Average Variable Cost = • Marginal Cost = ECON 130 (003) Spring 2004

  7. Total Cost = 100 + 10*Q • Total Fixed Cost = 100 • Total Variable Cost = 10*Q • Average Total Cost =100/Q + 10 • Average Fixed Cost =100/Q • Average Variable Cost =10 • Marginal Cost =10 ECON 130 (003) Spring 2004

  8. Total Cost = 100 + 10*Q + Q2 • Total Fixed Cost = • Total Variable Cost = • Average Total Cost = • Average Fixed Cost = • Average Variable Cost = • Marginal Cost = ECON 130 (003) Spring 2004

  9. Total Cost = 100 + 10*Q + Q2 • Total Fixed Cost = 100 • Total Variable Cost = 10*Q + Q2 • Average Total Cost = 100/Q + 10 + Q • Average Fixed Cost = 100/Q • Average Variable Cost = 10 + Q • Marginal Cost = 10 + 2*Q ECON 130 (003) Spring 2004

  10. Total Cost = 60*Q – 12*Q2 + Q3 • Total Fixed Cost = • Total Variable Cost = • Average Total Cost = • Average Fixed Cost = • Average Variable Cost = • Marginal Cost = ECON 130 (003) Spring 2004

  11. Total Cost = 60*Q – 12*Q2 + Q3 • Total Fixed Cost = 0 • Total Variable Cost = 60*Q – 12*Q2 + Q3 • Average Total Cost = 60 – 12*Q + Q2 • Average Fixed Cost = 0 • Average Variable Cost = 60 – 12*Q + Q2 • Marginal Cost = 60 – 24*Q + 3*Q2 ECON 130 (003) Spring 2004

  12. TC = 75 + 14*Q – 6*Q2 + Q3 • Total Fixed Cost = • Total Variable Cost = • Average Total Cost = • Average Fixed Cost = • Average Variable Cost = • Marginal Cost = ECON 130 (003) Spring 2004

  13. TC = 75 + 14*Q – 6*Q2 + Q3 • Total Fixed Cost = 75 • Total Variable Cost = 14*Q – 6*Q2 + Q3 • Average Total Cost = 75/Q + 14 – 6*Q + Q2 • Average Fixed Cost = 75/Q • Average Variable Cost = 14 – 6*Q + Q2 • Marginal Cost = 14 – 12*Q + 3*Q2 ECON 130 (003) Spring 2004

  14. TC = 50 + 111*Q – 7*Q2 + (1/3)*Q3 • Total Fixed Cost = • Total Variable Cost = • Average Total Cost = • Average Fixed Cost = • Average Variable Cost = • Marginal Cost = ECON 130 (003) Spring 2004

  15. TC = 50 + 111*Q – 7*Q2 + (1/3)*Q3 • Total Fixed Cost = 50 • Total Variable Cost = 111*Q – 7*Q2 + (1/3)*Q3 • Average Total Cost = 50/Q + 111 – 7*Q + (1/3)*Q2 • Average Fixed Cost = 50/Q • Average Variable Cost = 111 – 7*Q + (1/3)*Q2 • Marginal Cost = 111 – 14*Q + Q2 ECON 130 (003) Spring 2004

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