1) Thompson Industries estimated its short-run costs using a U-shaped average variable cost function of the form AVC = 43.40 - 2.80Q + 0.20Q2 and the total fixed cost (TFC) at Thompson Industries is $1,000. If Thompson Industries produces 20 units of output, what is estimated total cost (TC)?
1) Thompson Industries estimated its short-run costs using a U-shaped average variable cost function of the form AVC = 43.40 - 2.80Q + 0.20Q2 and the total fixed cost (TFC) at Thompson Industries is $1,000. If Thompson Industries produces 20 units of output, what is estimated total cost (TC)?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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1) Thompson Industries estimated its short-run costs using a U-shaped
AVC = 43.40 - 2.80Q + 0.20Q2
and the total fixed cost (TFC) at Thompson Industries is $1,000.
If Thompson Industries produces 20 units of output, what is estimated total cost (TC)?.
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