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An economist estimated that the cost function of a single-product firm is: C(Q) = 60 + 25Q + 15Q2 + 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. $
Public goods are difficult to provide in the private market because they have the characteristics of:
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Illustrate what is the firm's average total cost of producing 100 units. Illustrate what is the firm's average total cost of producing 101 units.
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