The cost function of a single-product firm

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Reference no: EM131009840

An economist estimated that the cost function of a single-product firm is: C(Q) = 50 + 25Q + 30Q2 + 5Q3. 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. _________

Reference no: EM131009840

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