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An economist estimated that the cost function of a single-product firm is: C( Q ) = 100 + 20 Q + 15 Q 2 +
An economist estimated that the cost function of a single-product firm is:
C(Q) = 100 + 20Q+ 15Q2+ 10Q3.
Based on this information, determine the following:
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 whenQ= 10.
$
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