Reference no: EM131485377

Question: An economist estimated that the cost function of a firm is:

C(Q) = 150 + 20Q + 10Q2 + 5Q3 And, MC(Q) = 20 + 20Q + 15Q2

Based on this information, determine:

a. The fixed cost of producing 7 units of output

b. The variable cost of producing 7 units of output

c. The total cost of producing 7 units of output

d. The average fixed cost of producing 7 units of output

e. The average variable cost of producing 7 units of output

f. The average total cost of producing 7 units of output

g. The marginal cost when Q = 7