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28 Sep 2019
Short-Run Economic Costs Suppose a firm has a short-run cost equation of C(q) = 0.3q3 -Ā 15q2 + 200q + 100, and short-run marginal cost equation of MC(q) = 0.9q2 - 30q + 200, if the firm produces 25 units of output:
a. Solve for a total fixed cost, the total variable cost, and total cost. (3 points)
b. Solve for the firm's average fixed cost, the average variable cost, and average total cost. (3 points)
c. Use the MC(q) equation to solve for the marginal cost of the last unit produced. (2 points)
d. Solve whether the firm has short-run economies of scale or diseconomies of scale. (2 points)
Short-Run Economic Costs Suppose a firm has a short-run cost equation of C(q) = 0.3q3 -Ā 15q2 + 200q + 100, and short-run marginal cost equation of MC(q) = 0.9q2 - 30q + 200, if the firm produces 25 units of output:
a. Solve for a total fixed cost, the total variable cost, and total cost. (3 points)
b. Solve for the firm's average fixed cost, the average variable cost, and average total cost. (3 points)
c. Use the MC(q) equation to solve for the marginal cost of the last unit produced. (2 points)
d. Solve whether the firm has short-run economies of scale or diseconomies of scale. (2 points)
syedazmath1627Lv10
3 Feb 2023
Chika IlonahLv10
28 Sep 2019
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