An economist estimated that the cost function of a single- product firm is C (Q) = 100
Question:
An economist estimated that the cost function of a single- product firm is
C (Q) = 100 + 20Q + 15Q2+10Q3
Based on this information, determine:
a. The fixed cost of producing 10 units of output.
b. The variable cost of producing 10 units of output.
c. The total cost of producing 10 units of output.
d. The average fixed cost of producing 10 units of output.
e. The average variable cost of producing 10 units of output.
f. The average total cost of producing 10 units of output.
g. The marginal cost when Q = 10.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Managerial Economics and Business Strategy
ISBN: 978-0073523224
8th edition
Authors: Michael Baye, Jeff Prince
Question Posted: