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What are fixed costs of production

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Reference no: EM132488515

Suppose that Melody produces muffins in a perfectly competitive market. Her cost function is 

TC = (0.25)Q + (0.005)Q2 + 2 

MC = 0.25 + 0.01Q 

  • What are her fixed costs of production?
  • What are her variable costs of production? 
  • What are her average total costs of production? 
  • What are her average fixed costs of production? 
  • What are her average variable costs of production? 
  • Suppose that the market price of muffins is $0.50. How many muffins should she produce? 
  • How much profit (or loss) does Melody make (incur)? 
  • Identify the minimum price at which she will produce.  

Reference no: EM132488515

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