C(Q) = 100 + 20Q + 15Q2 + 10Q3
Based on the cost function, determine:
i. The fixed cost of producing 10 units of outputs
ii. The variable cost of producing 10 unit of outputs
iii. The total cost of producing 10 unit of outputs
iv. The average fixed cost of producing 10 unit of outputs
v. The average variable cost of producing 10 unit of outputs
vi. The marginal cost when Q= 10
(i) Fixed cost (FC) = $100 (which is fixed irrespective of output level)
(ii) Variable cost
When
(iii) Total cost
(vi) Average fixed cost
(v) Average variable cost
(vi) Marginal cost
When
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