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A Firm has total cost function given by the following:
TC = 10000 + 7*Q - 100*Q2 + 2*Q3
Its marginal cost function is given by:
MC = 7 - 200*Q + 6*Q2.
a) Write down the following cost functions:
i. Total Fixed Cost (TFC)ii. Total Variable Cost (TVC)iii. Average Total Cost (ATC)iv. Average Fixed Cost (AFC)v. Average Variable Cost (AVC)
b) What is the Total fixed cost when Q = 100? And the Average fixed Cost when Q=100?
When measuring costs, it is important to keep in mind of one of the Ten Principles of Economics: The cost of something is what you give up to get it.
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