What is the firms total cost function

Reference no: EM132135686

Question: A firm has a fixed production cost of 5, 000 and a constant marginal cost of production of 500 per unit produced.

a) What is the firms total cost function? Average cost?

b) If the firm wanted to minimize the average total cost, would it choose to be very large or very small? Explain.

Reference no: EM132135686

Questions Cloud

Find a value of the standard normal random variable : To find a value of the standard normal random variable? z, called z 0 0?, such that ?P( z greater than z 0 z > z0?)=.1922, which of the following is?

Discuss various sources of ideas for legislative proposals : Discuss the various sources of ideas for legislative proposals. Contrast the patronage system and the merit system as methods of hiring government employees.

Shift in demand would not affect price when supply : Can you please provide the answer and explanation? A shift in demand would not affect price when supply is

Expected number in repair and the expected number operating : Determine the probability distribution for the number of generators in repair. Find the expected number in repair and the expected number operating.

What is the firms total cost function : A firm has a fixed production cost of 5, 000 and a constant marginal cost of production of 500 per unit produced. What is the firms total cost function?

What would you say in response to this proposal : If you were an economic adviser to the president and someone made this suggestion, what would you say in response to this proposal?

Does everyone benefit from manifest destiny : As you can imagine, Texans have lots of pride when it comes to the history of their state. Did you know we are the only state that was once a republic?

Employment opportunity and sexual harassment prevention laws : Explain your request related to equal employment opportunity and sexual harassment prevention laws.

About the quality of incoming materials and parts : What system provides data about the quality of incoming materials and parts, as well as the quality of in-process semi-finished and finished products?

User Account

All Pages