Economics: Cost Analysis
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1.
An economist estimated that he cost function of single-prodcut firm is
C(Q) = 100 + 20Q + 15Q2 + 10Q3
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 when Q = 10
2.
A firm's fixed costs for producing 0 units of output and its average total cost of producing different output levels are summarized in the tale below.
Complete the table to find the fixed cost, variable cost, total cost, average fixed cost, average variable cost, and marginal cost at all levels of output.
Q FC VC TC AFC AVC ATC MC
0 $15,000 -----
100 $300
200 200
300 175
400 225
500 325
600 400
PLEASE SEE ATTACHED
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Solution Summary
The problem set deals with questions under economics: Cost estimation. Attached as Word.
Education
- B. Sc., University of Nigeria
- M. Sc., London South Bank University
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