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5. Consider the cost for a firm as described by the function: 3000 C(q) = 200 + q². 21 a. What are the fixed cost and variable cost function? b. Derive functions that describe the average cost and the marginal cost of production? c. If the average cost is $300 per unit of output, and 950 units of output are produced what is the cost of production? Show your work.

5. Consider the cost for a firm as described by the function: 3000 C(q) = 200 + q². 21 a. What are the fixed cost and variable cost function? b. Derive functions that describe the average cost and the marginal cost of production? c. If the average cost is $300 per unit of output, and 950 units of output are produced what is the cost of production? Show your work.

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter7: Production, Costs, And Industry Structure
Section: Chapter Questions
Problem 19RQ: What shapes would you generally expect each of the following cost curves to have: fixed costs,...
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5. Consider the cost for a firm as described by the function: 3000 C(q) = 200 + q². 21 a. What are the fixed cost and variable cost function? b. Derive functions that describe the average cost and the marginal cost of production? c. If the average cost is $300 per unit of output, and 950 units of output are produced what is the cost of production? Show your work.
Transcribed Image Text:5. Consider the cost for a firm as described by the function: 3000 C(q) = 200 + q². 21 a. What are the fixed cost and variable cost function? b. Derive functions that describe the average cost and the marginal cost of production? c. If the average cost is $300 per unit of output, and 950 units of output are produced what is the cost of production? Show your work.
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