Question

An economist estimated that the cost function of a single-product firm is: C(Q) = 100 + 20Q + 15Q2 + 10Q3 [NOTE à MC(Q) = 20+30Q+30Q2] Based on this information, determine: The fixed cost of producing 10 units of output The variable cost of producing 10 units of output The total cost of producing 10 units of output The average fixed cost of producing 10 units of output The average variable cost of producing 10 units of output The average total cost of producing 10 units of output The marginal cost when Q = 10

          An economist estimated that the cost function of a single-product firm is:
                                                C(Q) = 100 + 20Q + 15Q2 + 10Q3
           
            [NOTE à MC(Q) = 20+30Q+30Q2]
            Based on this information, determine:
The fixed cost of producing 10 units of output
The variable cost of producing 10 units of output
The total cost of producing 10 units of output
The average fixed cost of producing 10 units of output
The average variable cost of producing 10 units of output
The average total cost of producing 10 units of output
The marginal cost when Q = 10

Added by Laura H.

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