According to a statistical study the following relationship, Ask an Expert

Economics

According to a statistical study, the following relationship exists between an electric light and the power plant's fuel costs (C) and its eight-hour output as a percent of capacity (Q):

C = 16.68 + 0.125Q + 0.00439Q^2

a. When Q increases from 50 to 51, what is the increase in the cost of fuel for this electric plant?

b. What is the firms fixed costs and variable costs at the at the capacity of 50 units?

c. Derive the marginal cost curve for this plant.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91233341

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