Business Economics
An economist estimated that the cost function of a single-product firm is:
C(Q) = 80 + 20Q + 25Q2 + 5Q3.
Based on this information, determine the following:
a. The fixed cost of producing 10 units of output.
$[removed]
b. The variable cost of producing 10 units of output.
$[removed]
c. The total cost of producing 10 units of output.
$[removed]
d. The average fixed cost of producing 10 units of output.
$[removed]
e. The average variable cost of producing 10 units of output.
$[removed]
f. The average total cost of producing 10 units of output.
$[removed]
g. The marginal cost when Q = 10.
Solution:
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