An economist estimated that the cost function of a single-product firm is: C(Q)=

Question

An economist estimated that the cost function of a single-product firm is:

C(Q)= 50 +25Q+30Q SQUARED+5Q CUBED

Based on this information, determine:

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 of producing 10 units of output.

Explanation / Answer

a. 50 b. plug in Q=10 and subtract 50 c. plug in Q=10 d. answer to a, divided by 10 e. answer to b, divided by 10 f. answer to c, divided by 10 g. take derivative C'(Q), plug in Q=10.

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