A firm has a fixed production cost of $20,000 and a constant marginal cost of production of $1,000 per unit produced.What is the firm's total cost function?O A. TC = 20,000 + (1,000q).ОВ. ТС-1,000g.O C. TC = 20,000.OD.20,000 + (1,000q)TC =-

A firm has a fixed production cost of $20000 and a constant marginal cost of production of $1000 per…

Answered: is the firm's total cost function? TC =…

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Economics

is the firm's total cost function? TC = 20,000 + (1,000q). TC = 1,000q. TC = 20,000. 20,000 + (1,000q) TC =-

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Short-Run Costs and Long-Run Costs

Cost of short-run and the long-run is an economic term that describes the cost involved in the production of goods in a firm in the short as well as long period.

Question

A firm has a fixed production cost of $20,000 and a constant marginal cost of production of $1,000 per unit produced.
What is the firm's total cost function?
O A. TC = 20,000 + (1,000q).
ОВ. ТС-1,000g.
O C. TC = 20,000.
OD.
20,000 + (1,000q)
TC =-

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