Question: An economist estimated that the cost function of a firm is:
C(Q) = 150 + 20Q + 10Q2 + 5Q3 And, MC(Q) = 20 + 20Q + 15Q2
Based on this information, determine:
a. The fixed cost of producing 7 units of output
b. The variable cost of producing 7 units of output
c. The total cost of producing 7 units of output
d. The average fixed cost of producing 7 units of output
e. The average variable cost of producing 7 units of output
f. The average total cost of producing 7 units of output
g. The marginal cost when Q = 7