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An economist estimated that the cost function of a single-product firm is: C(Q) = 110 + 20Q + 30Q2 + 10Q3. Based on this information, determine the following:

a. The fixed cost of producing 10 units of output. $ 110

b. The variable cost of producing 10 units of output. $ 13200

c. The total cost of producing 10 units of output. $ 13310

d. The average fixed cost of producing 10 units of output. $ 11

e. The average variable cost of producing 10 units of output. $ 1320

f. The average total cost of producing 10 units of output. $ 1330

g. The marginal cost when Q = 10. $ 3620

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91423596

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