Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

C (Q) = 120+ 25Q + 30Q2 + 5Q3 a) The fixed cost of producing 10 units of output = 120 b) The variable cost

image text in transcribed
C (Q) = 120+ 25Q + 30Q2 + 5Q3 a) The fixed cost of producing 10 units of output = 120 b) The variable cost of producing 10 units of output. = 25Q + 30Q2 + 5Q3 = (25X10) + (30x102) + (5x103) = 8250 c) The total cost of producing 10 units of output = 8250+120=8370 e The average fixed cost of producing 10 units of output = 120/10 = 12 e) The average variable cost of producing 10 units of output = 8250/10=825 The average total cost of producing 10 units of output = 8370/10=837 g) The marginal cost when Q = 10 is MC = 25+60Q+15Q2= 2125

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Quality Of The Environment An Economic Approach To Some Problems In Using Land, Water, And Air

Authors: Orris C Herfindahl, Allen V Kneese

1st Edition

1317386663, 9781317386667

More Books

Students also viewed these Economics questions

Question

=+5. For the cost matrix of Exercise 3,

Answered: 1 week ago

Question

2. What we can learn from the past

Answered: 1 week ago

Question

2. Develop a good and lasting relationship

Answered: 1 week ago