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An economist estimated that the cost function of a firm is:
C(Q) = 100 + 20Q + 15Q2 + 10Q3
And, MC(Q) = 20 + 30Q + 30Q2
Based on this information, determine:
1) The fixed cost of producing 10 units of output
2) The variable cost of producing 10 units of output
3) The total cost of producing 10 units of output
4) The average fixed cost of producing 10 units of output
5) The average variable cost of producing 10 units of output
6) The average total cost of producing 10 units of output
7) The marginal cost when Q = 10
An economist estimated that the cost function of a firm is:
C(Q) = 100 + 20Q + 15Q2 + 10Q3
And, MC(Q) = 20 + 30Q + 30Q2
Based on this information, determine:
1) The fixed cost of producing 10 units of output
2) The variable cost of producing 10 units of output
3) The total cost of producing 10 units of output
4) The average fixed cost of producing 10 units of output
5) The average variable cost of producing 10 units of output
6) The average total cost of producing 10 units of output
7) The marginal cost when Q = 10
imranshkh84Lv8
31 Dec 2022
Chika IlonahLv10
28 Sep 2019
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Related questions
In the below table, what will be the average fixed cost for producing 3 units of output?
| OUTPUT | TOTAL COST ($) |
| 0 | 10 |
| 1 | 20 |
| 2 | 28 |
| 3 | 38 |
| 4 | 53 |
| 5 | 73 |
| 6 | 98 |
