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An economist estimated that the cost function of a single-product firm is:

C(Q) = 120 + 20Q + 25Q2 + 10Q3.

Based on this information, determine the following:

a. The fixed cost of producing 10 units of output.

$

b. The variable cost of producing 10 units of output.

$

c. The total cost of producing 10 units of output.

$

d. The average fixed cost of producing 10 units of output.

$

e. The average variable cost of producing 10 units of output.

$

f. The average total cost of producing 10 units of output.

$

g. The marginal cost when Q = 10.

$

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M91272867

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