Solved: Determining the marginal cost of the firm, Managerial Economics

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Determining the marginal cost of the firm

Problem: The given questions refer to a firm, whose manager recently estimated its average variable cost (AVC) function to be

AVC = 88 - 0.026Q + 0.000003Q2

The firm faces total fixed costs (TFC) of $300,000.

Q1. What is the marginal cost of the firm equal to (in dollar terms) when output is 6,000 units?

Q2. What is the firm's total cost equal to when output is 6,000 units?

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Managerial Economics: Determining the marginal cost of the firm

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Solution Preview :

Prepared by a verified Expert

Managerial Economics: Determining the marginal cost of the firm

Reference No:- TGS01751418

Have a Question? (oR Write a Review)

Recent Questions Asked Managerial Economics

Q : Firms long run expansion path

Q : How to increase employees ksas

Q : Value of average variable cost and marginal cost

Q : Hr management supplemental resources

Q : Determining the marginal cost of the firm

Q : Finding mp-fc-mc-avc and atc

Q : Investment in facilities and equipment

Q : Critical management functions

Q : Technique as a good motivational tool

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Solution Preview :

Prepared by a verified Expert

Managerial Economics: Determining the marginal cost of the firm

Reference No:- TGS01751418

Recent Questions Asked Managerial Economics

Q : Firms long run expansion path

Q : How to increase employees ksas

Q : Value of average variable cost and marginal cost

Q : Hr management supplemental resources

Q : Determining the marginal cost of the firm

Q : Finding mp-fc-mc-avc and atc

Q : Investment in facilities and equipment

Q : Critical management functions

Q : Technique as a good motivational tool

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