Assume that the operation has the cost function C(Q) = 200 + 3Q + 8Q²+ 4Q³ and the marginal cost function MC (Q) = 3 + 16Q + 12Q². Determine the following:

(1) Average fixed cost to product 6 units of output.

(2) Average variable cost to produce 6 untis of output.

(3) Marginal cost to produce 6 units of output

(4) Average total cost to produce 6 units of output

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imranshkh84Lv8

31 Dec 2022

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Kritika KrishnakumarLv10

28 Sep 2019

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Related questions

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

C(Q) = 100 + 20Q + 15Q² + 10Q³

And, MC(Q) = 20 + 30Q + 30Q²

Based on this information, determine:

1) The fixed cost of producing 10 units of output

2) The variable cost of producing 10 units of output

3) The total cost of producing 10 units of output

4) The average fixed cost of producing 10 units of output

5) The average variable cost of producing 10 units of output

6) The average total cost of producing 10 units of output

7) The marginal cost when Q = 10

bronzeskunk519

Suppose there are n identical firms in a market. Each firm's cost function is given by C = 648 + 8q², where q is the amount that an individual firm produces. This means that an individual firm's marginal cost is given by MC = 16q. Also, the market demand is given by P = 306 - 3Q, where Q is the total amount of the good produced by all of the firms combined. Therefore, Q = n*q.

a) How much output will each firm produce?

b) What will be the market price?

c) How many firms will there be in long run equilibrium?