Marginal Cost Schedule and Outputs
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Suppose that the firm's cost function is given in the following schedule (where Q is the level of output).
Output
Q (units) Total Cost
0 7
1 25
2 37
3 45
4 50
5 53
6 58
7 66
8 78
9 96
10 124
Determine the:
(a) Marginal cost schedule
(b) What is the fixed cost of production
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Solution Summary
The expert examines marginal cost schedule and outputs.
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Fixed cost is $7 because when Q = 0, P = 7.
Marginal cost
Q TC ...
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