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A firm operates as a perfect competitor. Its total cost equation is given by the equation TC=450+250y -10y2 +0.5y3 where TC is total cost and
A firm operates as a perfect competitor. Its total cost equation is given by the equation TC=450+250y -10y2 +0.5y3 where TC is total cost and y is the level of output. If the firm produced 10 units per day (show all your calculations) a) What is the firm's total fixed cost? b) What is the amount for the firm's total variable cost (TVC)? c) What is the amount for the firm's average total cost (ATC)? d) What is the amount for the firm's marginal cost (MC)? e) What is the amount for total (TC)
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