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# Cost Function: Fixed, Variable, and Total Costs

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

C(Q) = 60 + 30Q + 25Q2 + 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.

https://brainmass.com/economics/managerial-economics/583750

#### Solution Preview

a) The fixed cost (FC) of producing 10 units of output is \$60 since the the amount Q produced has no effect on cost. It is the constant term (the first term on the right hand side of the equation).

b) The variable cost of ...

#### Solution Summary

This solution gives calculations for fixed cost, variable cost, and total cost.

\$2.19