You are the manager of a firm with a total cost function given by TC= 640 + 3.79Q + 4.31Q$^2$, determine the average fixed cost of producing 10 units of output.
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In the given total cost function TC = 640 + 3.79Q + 4.31Q^2, the fixed cost is the constant term, which is 640. This is because fixed costs do not change with the level of output (Q). Show more…
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