Question
Assume that afirm has the following costs (q = output, TC = total costs, MC = marginal costs): TC = $40 if q = 0
Assume that afirm has the following costs (q = output, TC = total costs, MC = marginal costs):
TC = $40 if q = 0
TC = 0.5q3 - 4q2 + 5q + 100 if q > 0
MC = 1.5q2 - 8q +5 if q > 0
Based on the equations above, please calculate the various types of cost below. Remember, please express your answer in terms of dollars, not dollars and cents.
a.If this firm produces 10 units of output, then thefirm's average cost (AC) is
b.If this firm produces 10 units of output,then the firm's average variable cost (AVC) is
c.If this firm produces 10 units of output, then the firm's average fixed cost (AFC) is
d. If this firm produces 10 units of output, then the firm'ssunk cost is
e.If this firm produces 10 units of output,then the firm's recoverable fixed cost is
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