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QUESTION 21 Questions 21 - 25 relate to the following information. Suppose a firm's total cost curve is c = 100 + 2q, where c
QUESTION 21 Questions 21 - 25 relate to the following information. Suppose a firm's total cost curve is c = 100 + 2q, where c is total cost and q is quantity of units. What is the y-axis intercept? (This is called the "fixed cost." More on this later.) QUESTION 22 What is the slope of the cost curve? (This is known as "marginal cost " More on this later.) QUESTION 23 What is the total cost of producing 0 units? (Do not include dollar signs.) QUESTION 24 How much does total cost increase by when an extra unit is produced? (Do not include dollar signs.) QUESTION 25 What is the total cost of producing 10 units? (Do not include dollar signs.)
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