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Q1) Economist estimated that cost function of single-product firm is C (Q) = 50 + 25Q + 30Q2 + 5Q3
Based on this information, find out:

a. Fixed cost of producing 10 units of output.

b. Variable cost of producing 10 units of output.

c. Total cost of producing 10 units of output.

d. Average fixed cost of producing 10 units of output.

e. Average variable cost of producing 10 units of output.

f. Average total cost of producing 10 units of output.

g. Marginal cost when Q = 10.

Microeconomics, Economics

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